Beni Stabili to issue €150m equity-linked bond

Italian real estate investment trust has announced plans to issue a €150 mln bond reserved for Italian and foreign investors.

The equity-linked bonds, with a nominal amount of EUR 100,000.00 each, will be issued at par in the aggregate amount of €150 mln, which may be increased up to €175 mln in the event of the exercise in full of the over-allotment option granted to the Joint Bookrunners exercisable prior to 15 January 2013.

The bond issue will have a duration of five years and will pay a fixed coupon of 3.375% per annum. The placement was arranged by Banca IMI S.p.A., BNP Paribas, JP Morgan, Mediobanca - Banca di Credito Finanziario, acting as joint bookrunners.

The initial price for the conversion of the bonds into ordinary shares of the company will be €0.5991, corresponding to a 32% premium above the volume weighted average price of the Beni Stabili shares on the Borsa Italiana between launch and pricing.