Leonardo successfully issued a €500 million bond (US$560 million). The offering, targeted at Italian and international institutional investors, has a 5.5-year tenor, maturity January 2026, and a fixed-rate coupon of 2.375%. The issue price was 98.933%. Coupons are paid annually in arrears. The notes will be listed on the Luxemburg Stock Exchange.
The success of the offering, four-times oversubscribed, confirms the strong market interest in Leonardo. Leonardo will use the proceeds of the issue to refinance existing debt, extending the average debt life.
