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MILAN - TeamSystem S.p.A. has completed its €1.75 billion senior secured notes offering without any market stabilization measures, according to a statement from J.P. Morgan SE released Thursday.
The offering consisted of €500 million in 6-year fixed-rate notes and €1.25 billion in 7-year floating-rate notes. Both tranches were priced at 100% of face value.
J.P. Morgan SE served as the stabilization coordinator but reported that no stabilization activities were undertaken for the securities. The announcement follows a pre-stabilization notice issued on June 18.
The bonds will be listed on the Luxembourg Stock Exchange and were structured as Regulation S and Rule 144A securities.
Several financial institutions participated as stabilization managers alongside J.P. Morgan, including BofA Securities, Barclays (LON:BARC), BNP Paribas (OTC:BNPQY), Deutsche Bank, Goldman Sachs, IMI-Intesa Sanpaolo, Mediobanca (OTC:MDIBY), Morgan Stanley, Nomura, UBS, and Unicredit (BIT:CRDI).
Market stabilization refers to temporary measures sometimes taken by underwriters to prevent or slow the decline in the market price of newly issued securities. The absence of stabilization activities may indicate that the offering achieved sufficient market demand at the issue price.
The notes were issued without a guarantor, according to the press release statement.
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