Mundys, sustainability-linked bond and liability management. A&O Shearman advising

The bond pays a fixed annual coupon of 4.5%. There is a Premium Payment for maximum cumulative 0.75% if Mundys does not satisfy the KPI 1 Condition or the KPI 2 Condition established according to Mundys’ EMTN Programme. Both KPIs measure progress of the decarbonization roadmap of the group towards 2030.

This second Sustainability-Linked Bond is testament of Mundys’ commitment towards integrating sustainability as part of the company’s funding strategy.

The bond is documented under Mundys' EMTN Programme and based on the existing Sustainability-Linked Financing Framework. The notes were admitted to listing on the regulated market of Euronext Dublin.

On July 15, Mundys also announced an invitation to the holders of its outstanding “€750,000,000 1,625 per cent. Notes due 3 February 2025” bonds, issued by the Company (formerly Atlantia S.p.A) under the terms and conditions set out in the tender offer memorandum dated 15 July 2024. The Offer was made as part of the Company’s pro-active management of its liabilities and the transaction was successfully completed on July 25, 2024.

A&O Shearman advised the financial institutions Barclays and BofA Securities acting as Dealer Managers in the tender offer, and the Managers in the issuance: Deutsche Bank, J.P. Morgan, Société Générale, and UniCredit (Global Coordinators), Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo, Mediobanca - Banca di Credito Finanziario, and SMBC (Active Bookrunners), Banca Akros, Barclays, BNP Paribas, BofA Securities, BPER Corporate & Investment Banking, and RBC Capital Markets (Other Bookrunners).

The team was led by partner Cristiano Tommasi, supported by senior associate Sarah Capella, associate Alessandro Negri and legal intern Lisa Avitabile. Counsel Elia Ferdinando Clarizia advised on tax-related aspects.