Corporate New Issue – Saipem EUR 500m exp. 7yrs – IPTs 3.500% area
Issuer: Saipem Finance International B.V.
Guarantors: Saipem SpASaipem (Portugal) - Comércio Marítimo, Sociedade Unipessoal Lda.Saipem SASofresid SASaipem LimitedSaipem Offshore Norway ASSaipem Drilling Norway ASSaipem Contracting Netherlands B.V.Saipem Contracting Nigeria Limited Saipem Luxembourg S.A.Global Petroprojects Services AGSnamprogretti Saudi Arabia Co Limited Saudi Arabian Saipem Limited
Issuer Rating: Ba2 (Stable) / BB+ (stable) by Moody’s / S&P
LEI: 724500V4QZAOY63SY989
Expected Issue Rating: Ba2 / BB+ by Moody’s / S&P
Format: Senior Unsecured Notes, Reg S, Bearer, New Global Note (TEFRA D rules apply, no communications with or into the US or Canada (excluding Ontario))
Size: €500m exp.
Settlement: 31 March 2021 (T+6)
Maturity: 31 March 2028 (7 year)
IPTs: 3.500% area
Coupon: Fixed, Annual, Act/Act
Listing / Docs: Luxembourg Stock Exchange (Unregulated Market) / Saipem’s €3bn EMTN Programme dated 29 June 2020 and supplemented on 22 March 2021
Call/Put options: 3m Par Call / Clean-Up Call (80%) / MWC / CoC / Guarantor Coverage Level
Guarantor Coverage Level: Revenues ≥ 65% of Saipem Group Assets ≥ 70% of Saipem GroupEBITDA ≥ 75% of Saipem Group
Governing Law: English Law
Denoms: €100k x €1k
Active Bookrunners BNP Paribas (B&D), Deutsche Bank, Goldman Sachs Bank Europe SE, HSBC, IMI-Intesa Sanpaolo, UniCredit
Passive Bookrunners: ABN AMRO, ING, Santander
Use of Proceeds: General Corporate Purposes
Target Market: Manufacturer target market (MIFID II/ MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
Timing: Books open, today's business