Listed Italian real estate company Beni Stabili has raised €300 million through the issue of senior unsecured bonds, in a deal designed to optimise its funding strategy.
The 10-year bond carries a 2.375 percent fixed annual coupon. The notes were priced at a spread of 133 basis points over the reference swap rate, said Beni Stabili.
The firm will use the proceeds to extend its average debt maturity while reducing its cost of debt, it added.
Morgan Stanley and Natixis acted as joint lead managers in the transaction.
In October last year, Beni Stabili also issued €300 million of senior unsecured bonds with an annual coupon at 1.625 percent.
The transaction was oversubscribed by about seven times, with total orders of more than €2 billion.
“A large and diversified pool of high-quality investors participated in the deal, confirming the improved appeal of Beni Stabili’s profile with the international fixed-income investor community following the decision to obtain a credit rating,” the Italian REIT said at the time.