(Adds price guidance, date for yield announcement)
MILAN Feb 18 Italian insurance group Unipol
said on Tuesday it has offered to swap up to 500
million euros ($685 million) of an existing 2017 bond in new
notes which will mature in 2021.
Price guidance for the new bonds is set at 3.15 percentage
points over the seven-year mid-swap rate, an official from
Lucid, the exchange agent for the deal, told Reuters.
The exchange offer will expire on Feb. 26. The final offer
yield will be announced on Feb.27, the Lucid official said.
Unipol said that if holders of less than 500 million euros
in the existing bonds choose to participate, the insurer may
issue an additional 500 million euros worth of notes to increase
the liquidity of the new issue.
($1 = 0.7298 euros)
(Reporting by Isla Binnie; Editing by Pravin Char)