A&O Shearman advises financial institutions on Prysmian’s EUR1 billion hybrid bond

The bond, characterized by a non-call period of 5.25 years and a perpetual maturity linked to the duration of the company, pays a fixed annual coupon of 5.250% until the first reset date scheduled on August 21, 2030. From that date, unless early redemption has taken place, the Securities will accrue annual interest equal to the five-year Euro Mid-Swap rate plus an initial margin of 301.2 basis points, increased by a further spread of 25 basis points from August 21, 2035 and an additional increase of 75 basis points from August 21, 2050.

The bond has been admitted to listing on the regulated market of the Luxembourg Stock Exchange.

In the transaction, A&O Shearman advised the pool of financial institutions, Crédit Agricole CIB as Sole Structuring Agent and Joint Lead Manager and BofA Securities, Crédit Agricole CIB, J.P. Morgan, Mediobanca and UniCredit as Joint Lead Managers.

The A&O Shearman team in the transaction was led by partner Cristiano Tommasi, supported by counsel Sarah Capella and associate Paolo Martellone. Counsel Elia Ferdinando Clarizia provided assistance in relation to tax aspects.