Saipem announces the results of the tender offers relating two bonds expiring in 2025 & 2026

Source: www.gulfoilandgas.com 5/29/2024, Location: Europe

Saipem S.p.A. (“Saipem”) hereby announces the indicative results of the tender offers launched by its subsidiary Saipem Finance International B.V (“Saipem Finance” or the “Offeror”) and addressed to the holders of the "2.625% EUR 500m Notes due 7 January 2025” (ISIN Code: XS1711584430) (the “2025 Notes”) and “3.375% EUR 500m Notes due 15 July 2026” (ISIN Code: XS2202907510) (the “2026 Notes”, and together with the 2025 Notes, the "Notes") issued by the Offeror and admitted to trading on the Euro MTF of the Luxembourg Stock Exchange (the “Offers”).

The Offers have been made on the terms and subject to the conditions set out in the Tender Offer Memorandum dated 21 May 2024 and available at Kroll Issuer Services Limited. Capitalised terms used in this announcement, but not expressly defined shall have the meanings given to them in the Tender Offer Memorandum.

The Offers ware launched on 21 May 2024. The expiration deadline was set at 5:00 p.m. (CET) on 28 May 2024 (the "Expiration Deadline"). Please note that it had been validly tendered a total principal amount of:

Euro 104,498,000 in respect of 2025 Notes; and
Euro 258,509,000 in respect of 2026 Notes.

Therefore, the Offeror announces its non-binding indication to buy-back the following two bonds, on the terms and subject to the conditions set out in the Tender Offer Memorandum:
Euro 104,498,000 in respect of the 2025 Notes (i.e. Any and All of the amount of the 2025 Notes tendered). Upon completion of the transaction, the 2025 Notes still outstanding will be, in nominal amount, equal to Euro 275,407,000; and
Euro 258,509,000 in respect of the 2026 Notes, and to proceed with the increase of the Capped 2026 Notes Maximum Amount from Euro 200,000,000 to Euro 258,509,000. Therefore, no Pro-Ration Factor is to be applied to the validly made offers of 2026 Notes. Upon completion of the transaction, the 2026 Notes still outstanding will be, in nominal amount, equal to Euro 241,491,000.

Notes repurchased by the Offeror pursuant to the Offers will be cancelled. Notes which have not been validly tendered and accepted for purchase pursuant to the Offers will remain outstanding after the Settlement Date.

With respect to the 2025 Notes, the Offeror will pay a price of Euro 994.00 for Euro 1,000 aggregate nominal amount of the 2025 Notes accepted for repurchase pursuant to the Offer (the “2025 Notes Purchase Price”).

The expected price for the 2026 Notes (the “2026 Notes Purchase Price” and, together with the 2025 Notes Purchase Price, the “Purchase Prices”) will be determined at or around 12:00 p.m. (CET) today as set out in the Tender Offer Memorandum and the Offeror expects to announce the final results of the Offer as soon as reasonably practicable thereafter.

On the Settlement Date - scheduled for 31 May 2024 - the Offeror will pay the Purchase Prices and the amount of Accrued Interest to those holders whose tenders have been accepted.

All questions and requests for assistance relating to the Offers may be addressed to the Tender Agent:


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