Salini’s €250m exchange deal expected to turn pricey
Italian construction giant Salini Impregilo offered to exchange its 3.75% notes, due in 2021, to new non-call life senior notes, maturing in seven years. The €250m deal is set to be completed by Friday this week with initial price thoughts of 3.875% — indicating that Salini may have lost favour among investors and will have to pay extra to extend maturities.
Salini is yet to complete the takeover of its troubled competitor Astaldi and is about to embark on a larger, government-backed consolidation project to revitalise the Italian construction sector.After the exchange, Salini will use any remaining proceeds of the €250m — estimated to be around €90m — ...
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