Italy's Nexi switches to unsecured capital structure with €825m deal

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By Owen Sanderson
09 Oct 2019

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, ...

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