Finmeccanica S.p.A. announces final results with respect to the tender offer for certain of its notes

Finmeccanica S.p.A. announces final results with respect to the tender offer for certain of its notes

Further to its prior announcements, Finmeccanica S.p.A. (the "Issuer" following substitution of Finmeccanica Finance S.A. as issuer of Notes issued under the Euro Medium Term Note Programme originally established by Finmeccanica Finance S.A., as issuer, and Finmeccanica S.p.A. as issuer and as guarantor of notes issued by Finmeccanica Finance S.A.) hereby announces the pricing and final results of the invitations launched on 8 July 2015 to the holders of certain Notes (as set out in the table below) to tender their Notes for purchase by the Issuer for cash up to the Maximum Acceptance Amount (each such invitation an "Offer" and, together, the "Offers"), subject to the applicable offer and distribution restrictions.

The Offers were made upon the terms and subject to the conditions contained in the tender offer memorandum dated 8 July 2015 (the "Tender Offer Memorandum") and this announcement should be read in conjunction with the Tender Offer Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The Offers expired at 4.00 p.m. (London time) / 5.00 p.m. (CET) on Wednesday, 15 July 2015.

The Issuer has decided to accept for purchase an aggregate principal amount of Notes amounting to € 449,999,114 across both Priorities of Notes combined (converted in the case of the Sterling Notes denominated in GBP into euro at the GBP FX Rate). The Benchmark Reference Security Yield and the Benchmark Rate (for the purpose of calculating the Purchase Yield and the Purchase Price for each Series) were determined at or around 11.30 a.m. (London time) / 12.30 p.m. (CET) today and the relevant Purchase Price for each Series of Notes was determined by reference to the Purchase Spread in respect of that Series over the Benchmark Rate (with respect to the Euro Notes) and over the Benchmark Reference Security Yield (with respect to the Sterling Notes) as set out in the Tender Offer Memorandum. A summary of the pricing terms for the Notes of each Series validly tendered and accepted for purchase is as follows:

Notes

Sterling Notes

Euro 2021 Notes

Euro 2022 Notes

Euro 2017 Notes

Euro 2018 Notes

ISIN

XS0423814119

XS0999654873

XS0458887030

XS0861828407

XS0182242247

Priority

1

1

1

2

2

Benchmark Rate/ Benchmark Reference Security Yield

1.373%

0.562%

0.716%

0.140%

N/A

Purchase Spread

245 bps

225 bps

245 bps

120 bps

N/A

Purchase Yield

3.823%

2.812%

3.166%

1.340%

N/A

Purchase Price*

£ 1,167.89

€ 1,084.77

€ 1,120.66

€ 1,070.50

N/A

Accrued Interest*

£ 7.43

€ 22.44

€ 25.89

€ 27.21

N/A

Final Aggregate Principal Amount of Notes to be Accepted for Purchase

£ 80,864,000

€ 211,416,000

€ 44,492,000

€ 78,868,000

N/A

Pro-ration factor

N/A

N/A

N/A

69.09%

N/A

None of the Euro 2018 Notes validly tendered pursuant to the relevant Offer will be accepted for
purchase by the Issuer.

The applicable Purchase Price, together with the relevant Accrued Interest, will be paid to the holders of the Notes which have been accepted for purchase by the Issuer. The settlement for the Offers is expected to occur on Monday, 20 July 2015.

Finmeccanica welcomes the positive results of the Offers, that will lead to approx. Euro 450 million reduction of the Group outstanding gross debt and, consequently, to a lessening of the financial interests to be paid in the years ahead. These results are a clear evidence of Finmeccanica commitment to achieve the financial objectives set out in its Industrial Plan, strengthening the Group capital structure through a focused and efficient use of the financial resources available...

 

Rome 16/07/2015 16:35