Liability Management Exercise results
AMCO ANNOUNCES RESULTS OF THE LIABILITY MANAGEMENT EXERCISE IN RELATION TO THE SENIOR UNSECURED NOTES DUE 17 JULY 2027
- AMCO will purchase for cash Notes for a total principal amount of €300 million
Milan, 3 April 2025 – AMCO S.p.A. (the “Company”) announces the final results of the liability management exercise in relation to its euro denominated senior preferred unsecured notes (the “Notes”) due 17 July 2027 (ISIN XS2206379567), which have an outstanding nominal amount of €750 million. On 25 March 2025 AMCO invited holders of the Notes to tender their Notes for purchase for cash up to the maximum acceptance amount of €300 million on the terms and subject to the conditions, set out in the tender offer memorandum available at www.amco.it.
The Company announces that it has decided to accept for purchase Notes validly tendered for a total aggregate principal amount equal to €300 million, in line with the maximum acceptance amount which had already been announced by the Company, notwithstanding the notes validly tendered exceeding the maximum acceptance amount.
The total amount that will be paid to each Noteholder on the settlement date of the Invitation for each Note validly tendered and accepted for purchase will be a fixed purchase price of 99.652 per cent of the principal amount of such Note (being €996.52 million per €1,000 million in principal amount).
AMCO will also pay accrued interest in respect of each Note accepted for purchase up to (but excluding) the settlement date of the Invitation (expected to be on 4 April 2025). The nominal amount of the Notes which will remain outstanding following the Settlement Date is €450 million.
The liability management exercise has been announced in conjunction with a new 5-year bond issuance for €600 million – successfully issued on 26 March 2025 – with the aim to lengthen AMCO’s debt maturity profile.
AMCO has appointed Crédit Agricole Corporate & Investment Bank, Goldman Sachs International and Mediobanca – Banca di Credito Finanziario SpA to act as joint dealer managers (the “Joint Dealer Managers”), and Kroll Issuer Services Limited to act as information and tender agent (the “Information and Tender Agent”) in relation to the Invitation.
Clifford Chance and Chiomenti acted as legal advisors to AMCO and to the Joint Dealer Managers respectively.
