Capital/Financing Update • Nov 5, 2025
Capital/Financing Update
Open in ViewerOpens in native device viewer


Press release
Rome, 5 November 2025 – Mundys S.p.A. (the Company) announces the final results of the invitations to holders of its outstanding €1,000,000,000 1.875 per cent. Notes due 13 July 2027 (ISIN: XS1645722262) (the 2027 Notes) and its outstanding €1,000,000,000 1.875 per cent. Notes due 12 February 2028 (ISIN: XS2301390089) (the 2028 Notes and, together with the 2027 Notes, the Notes, and each a Series) to tender their Notes for cash purchase up to a maximum acceptance amount of €500,000,000 in aggregate nominal amount across both Series (such invitations, the Offers and each an Offer).
The Offers were launched on 28 October 2025 and follow the terms and conditions of the tender offer memorandum dated 28 October 2025 (the Tender Offer Memorandum). Capitalised terms not defined here have the meaning attributed in the Tender Offer Memorandum.
The Company hereby announces that: (i) for the 2027 Notes, the Series Acceptance Amount is equal to €350,000,000 and will accept tenders subject to a Pro-Ration Factor equal to 48.3619%; and (ii) for 2028 Notes, the Series Acceptance Amount is equal to €150,000,000 and will accept tenders subject to a Pro-Ration Factor equal to 21.4878%, with adjustments as described in the Tender Offer Memorandum.
A summary of the final results of the Offers is set out below:
| Description of the Notes |
ISIN / Common Code |
Series Acceptance Amount |
Interpolated Mid-Swap Rate |
Purchase Spread |
Purchase Yield |
Purchase Price |
Pro Ration Factor |
|---|---|---|---|---|---|---|---|
| €1,000,000,000 1.875 per cent. Notes due 13 July 2027 |
XS1645722262 / 164572226 |
€350,000,000 | 2.135 per cent. |
20 bps | 2.335 per cent. |
99.246 per cent. |
48.3619 % |
| €1,000,000,000 1.875 per cent. Notes due 12 February 2028 |
XS230139008 9 / 230139008 |
€150,000,000 | 2.157 per cent. |
55 bps | 2.707 per cent. |
98.190 per cent. |
21.4878 % |

The Settlement Date is expected on 7 November 2025.
On the Settlement Date, the Company will pay the Purchase Price and Accrued Interest to Noteholders whose Notes are accepted. All Notes acquired by the Company upon completion of the Offers will be cancelled.
The aggregate nominal amount of Notes outstanding after the Settlement Date will be: (i) for the 2027 Notes, €650,000,000; and (ii) for the 2028 Notes, €850,000,000.
Goldman Sachs International, SMBC Bank EU AG and Société Générale are acting as Dealer Managers of the Offers.
D.F. King Ltd is acting as Information and Tender Agent of the Offers.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. If you are in any doubt as to the contents of this announcement or the Tender Offer Memorandum or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser.
Have a question? We'll get back to you promptly.