May 21, 2024 09:51 GMT
Saipem (Ba2[P]/BB+) Announces Tender & Refi In Wake Of TotalEnergies Contracts
ENERGY SECTOR
- Max. EUR 380mn tender across both the 2.625% 25s (any and all from the EUR 379.9mn outstanding) at a price of EUR 99.4 (current: 99.26) and EUR 500mn 3.375% 26s (up to EUR 200mn of the EUR 500mn outstanding) at a spread of MS+40bps (current: MS+55.5bp)
- Accompanied by an exp. EUR 500mn 6y SUN (Ba2/BB+) mandate with investor calls from today.
- Noting the headlines this morning that Saipem won three contracts worth USD 3.7bn with TotalEnergies which saw the equity move higher. For context, they had FY23 revenue and EBITDA of EUR 11.9bn and EUR 0.9bn.
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