Pavia e Ansaldo with Liguria Region in the completion of the re-acquisition of the bond loan of originally Euro 420 million expiring in November 2034
Milan, 8 August, 2022 – During the month of July, 2022, the Liguria Region formalized the re-acquisition of its bond loan pursuant to article 45 of Law Decree no. 66/2014 for a total nominal amount of Euro 240 milion determining its integral extinction after the preceding phases of buyback occurred in 2015 and 2016.
The transaction allowed to maintain compliance with the principle of economic and financial convenience set forth in article 41 of Law no 448/2001 and, at the same time, not to increase the public debt of the public administrations as defined by the EU Regulation 479/2009. Following this extinction the financing economic conditions of the Regional debt positions are overall improved along with the financial sustainability of the entity’s balance sheet both as is and in perspective.
In this way, the Liguria Region reduces significantly its presence on the bonds market where its position was impacted from the conditions underwritten upon emission, approximately twenty years ago, with rates totally misaligned with respect to the structural features of the current financial and economic situation.
The transaction, with an uncertain outcome at the beginning, has been conducted by the Central Office on balance sheet, finance and controls along with the Offices of the financial and statistics sector with the assistance of Calipso s.r.l. as financial advisor, Intesa Sanpaolo – Divisione IMI Corporate & Investment Banking (Dealer Manager) and of the Law Firm Legale Pavia e Ansaldo with the partners Mario Di Giulio and Caterina Luciani and the associate Cristina di Stazio.