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MILAN - Italian insurer Assicurazioni Generali S.p.A. announced on Thursday the launch of a €500 million perpetual non-call 6-year bond offering with an initial price guidance of 5.375% semi-annual coupon.
According to a pre-stabilization notice issued by Deutsche Bank AG, Frankfurt, the bond issue has a fixed size that "will not grow" beyond the announced €500 million. The securities will be offered in Regulation S format, meaning they cannot be sold to U.S. investors.
A syndicate of eight banks will manage the offering, including BNP PARIBAS, BofA Securities, Deutsche Bank, Goldman Sachs International, HSBC, Mediobanca, Santander, and UniCredit. These institutions will serve as stabilization managers for the bond.
The stabilization period is expected to begin Thursday and continue until November 13, 2025. During this time, the stabilization managers may over-allot securities or conduct transactions to support the market price of the bonds at levels higher than might otherwise prevail, in accordance with applicable regulations.
The bonds will be perpetual in nature with a non-call period of six years, giving Generali the option not to redeem the securities for at least six years after issuance.
The offering is directed at qualified investors outside the United States in compliance with relevant securities regulations in the European Economic Area and the United Kingdom.
This information is based on a press release statement distributed through the London Stock Exchange’s news service.
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