NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION WHERE SUCH AN ANNOUNCEMENT WOULD BE UNLAWFUL.
Cassa depositi e prestiti S.p.A. (CDP) announces that the final terms of the public offer to subscribe and the listing of unsubordinated CDP bonds not secured by the Italian State and denominated “Cassa depositi e prestiti S.p.A. Obbligazioni a Tasso Misto 2015-2022” have been published.
The total value of the offer is equal to €1 billion. That amount may be increased to a maximum of €1.5 billion.
The subscription of the bonds is restricted to individuals resident in Italy.
The proceeds of the offer will be used by CDP to finance public interest investments (the Separate Account), such as, for example, direct financing to public entities, support for the economy and public interest infrastructure.
Offer period and minimum lot
The bonds will be offered to the public from 9 March 2015 to 27 March 2015, unless the offer period is closed earlier or extended, in accordance with the final terms of the offer.
The bonds may be subscribed with a minimum investment of €1,000, equal to one bond with a nominal value of €1,000, with possible additional investments in full multiples of the minimum lot.
Description of the bonds
The bonds (ISIN IT0005090995) have a maturity of seven years (maturing in 2022). They will be issued at par, at a price of €1,000 per bond, and will be redeemed in full at par in a lump sum at the maturity date.
The bonds will be traded on the Mercato Telematico delle Obbligazioni (MOT), organised and managed by Borsa Italiana. More specifically, on 6 March 2015 Borsa Italiana admitted the bonds for trading, with the start date for trading to be established by Borsa Italiana following the end of the offer period.
The offered bonds, which bear a mixed interest rate, pay interest (i) at a fixed rate for the first two years and (ii) at a floating rate for the subsequent five years. During the fixed-rate period, the bondholders will be entitled to interest paid quarterly in arrears at a gross annual fixed rate of 1.75% of the nominal unit value of the bonds (which is equal to €1,000). During the floating-rate period, the bondholders will be entitled to interest paid quarterly in arrears at a gross floating rate of 3-month EURIBOR plus a spread of at least 0.50%. The final spread will be set at the end of the offer period.
The interest and any other income received by the bondholders will be taxed at a flat rate of 12.50%.
Rating of the issuer and the bonds
CDP has been rated as follows: BBB+ by Fitch, Baa2 by Moody’s and BBB- by Standard & Poor’s. Fitch has assigned to the bonds an expected rating equal to BBB+.
Banca IMI, Unicredit and BNP Paribas will act as lead underwriters of the placement. A full list of underwriters, more than 70 banks, is published in the final terms of the offer, available at www.cdp.it.
The registration document of the issuer (filed with Consob and published on 2 March 2015, following approval announced with note no. 0015086/15 of 27 February 2015), the base prospectus of the offer and listing programme denominated “Obbligazioni a Tasso Fisso Costante, Obbligazioni a Tasso Fisso Crescente, Obbligazioni a Tasso Fisso Decrescente, Obbligazioni a Tasso Fisso con Andamento Variabile, Obbligazioni a Tasso Variabile con possibilità di cap e/o floor, Obbligazioni a Tasso Misto con possibilità di cap e/o floor” (filed with Consob and published on 2 March 2015, following approval announced with note no. 0015086/15 of 27 February 2015), the final terms of the offer and the summary note are available to the public at the registered office of CDP, on its website, www.cdp.it, and on the mechanism for the storage of regulated information, “1Info”, which can be consulted atwww.1info.it.