IGD issues a new €400 million bond at 2.125% expiring in November 2024

Banca Akros acted as Joint Bookrunner

The following is a brief description of the bond issue successfully completed on 20 November 2019 by Immobiliare Grande Distribuzione Società di Investimento Immobiliare Quotata S.p.A.(in short, IGD S.p.A.):

• IGD S.p.A., a leading real estate developer and operator (rated Ba1 stable by Moody’s, BBB- negative by S&P and BBB- stable by Fitch), issued a new bond for an amount of €400 million.
• Expiring on 28 November 2024 (bullet), the bond pays a coupon of 2.125% and has an issue price of 99.336 corresponding to a spread of 250 bps above the mid-swap rate for the period. The yield is 2.267%.
• The stock will be listed on the regulated market of the Irish Stock Exchange (Euronext – GEM).
• Total orders of almost €1 billion were collected, 2.5 times more than the amount offered. The security was only placed with professional investors and eligible counterparties.
• The income from the issue will be used to repay expiring bonds and to finance the investment plan.
• Banca Akros acted as Joint Bookrunner.
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