Nexi, the Italian payments company, is marketing a dual-tranche refinancing bond, its first issue since it floated on the Milan Stock Exchange in April. With Advent, Bain Capital and Clessidra now mid-way through realising their investments, the company is changing its approach to the debt markets, switching to unsecured bonds and giving up callability.
On offer are €825m of five and eight year unsecured bonds, non-callable for life, and rated Ba3/BB-/BB. All three agencies have positive outlooks. Nexi will use the proceeds to repay its only outstanding public debt, an €825m senior secured 4.125% 2023 bond.
Thus it is moving from a secured,