Fabbrica Italiana Sintetici eyes €350M 5.5-year bond debut

F.I.S. - Fabbrica Italiana Sintetici SpA is out with a €350 million 5.5-year (non-call two-year) sustainability-linked secured bond ahead of a global investor call today at 2 p.m. London time.

BNP Paribas (B&D) and Credit Suisse are joint global coordinators and sustainability-linked bond structuring coordinators. A roadshow is planned through Feb. 3, with Credit Suisse in charge of logistics.

Banks are guiding corporate ratings at B/B3/B with stable, positive and stable outlooks respectively, and secured ratings at B/B3/B+.

Proceeds will refinance existing debt and fund a dividend payment to the parent company of F.I.S. The bonds will include a step-up adjustment of 20 basis points per key performance indicator, or KPI, which will be payable at maturity.

Under the firm’s sustainability-linked bond framework published December 2021, the company by 2026 (against a 2020 baseline) aims to reduce absolute Scope 1 & 2 greenhouse gas emissions by 20%, reduce freshwater consumption by 20% and reduce waste sent to external disposal by the same amount. Sustainalytics has provided a second-party opinion on the framework and judged its sustainability-performance targets to be "ambitious".

Owned and managed by the Ferrari family, F.I.S. researches, develops, produces and distributes active pharmaceutical ingredients.