Following its announcement on May 12, 2006, IFIL has today issued non-convertible bonds
for an amount of € 200 million, maturing June 9, 2011. The bonds have an issue price of
99.90% of face value and quarterly interest at the 3-month Euribor plus a spread of 68 basis
points. The issue received a BBB+ rating from Standard & Poor’s, the same as the current
rating on IFIL S.p.A.’s long-term debt. The bonds were admitted for trading on the
Luxembourg stock exchange.
Considering the present favorable interest rate market in the euro area, the bond issue, with
Rasfin SIM S.p.A. as a the sole Lead Manager, aims to raise new financial resources for IFIL
to take advantage of future investment opportunities.
The bonds will only be placed outside the United States to institutional investors that are non-
US persons as defined under Regulation S, and have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or under other securities laws. The bonds will
not be offered for sale or sold in the United States unless registered or specifically exempted
from registration requirements.
This press release does not constitute either an offer to sell or a solicitation to purchase. The
bonds, moreover, will not be sold in any State or jurisdiction in which this offer, solicitation
to purchase or to sell would be considered unlawful. No action has been or will be
undertaken to allow a public offering of the bonds in any jurisdiction, including Italy.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase
bonds in the United States or in any other jurisdiction, including Italy. The IFIL S.p.A. bonds
may not be offered or sold in the United States or to or for the account or benefit of U.S.
persons (“U.S. persons” as such term is defined by Regulation S under the U.S. Securities
Act of 1933, as amended (the “Securities Act) unless registered under the Securities Act or
exempted from such registration. Such securities have not been and will not be registered
under the Securities Act. Any offering of these securities will be made by means of a
prospectus which will contain detailed information about the issuer and its business.
The offering of the bonds has not been registered with the Commissione Nazionale per le
Societa e la Borsa (CONSOB) and no application has been made to Bank of Italy, pursuant
to Italian securities legislation. Accordingly, the bonds have not been and will not be offered,
sold or delivered in Italy in a solicitation to the public for the purchase of bonds. The bonds
may only be offered, sold or delivered in Italy in accordance with applicable laws and
This press release is directed solely (i) to persons outside the United Kingdom, (ii) to
investment professionals falling under Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005, or (iii) to persons falling under Article 49(2)
paragraphs from (a) to (e) ("high net worth companies, unincorporated associations, etc.") of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(all such persons together being referred to “relevant persons”. This press release must not
be acted on or relied on by persons who are not “relevant persons”. Any investment activity
to which this press release relates is reserved for relevant persons only and may only be
engaged in by the relevant persons.
The press release contains forward-looking statements. These statements reflect current
beliefs, assumptions made by, and information available to, the entities to which reference is
made in this press release. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. Actual future results and
developments could differ materially from those set forth in these statements owing to
various factors. These factors include, among others, changes in the macroeconomic and
competitive situation, in particular in the businesses and the markets in which IFIL operates.
In addition, future results and developments could be affected by the performance of financial
markets, fluctuations in exchange rates and changes in national and international laws. None
of the companies to which reference is made in this press release assumes any obligation to
update forward-looking statements.
Not for distribution in the United States