Italcementi Group is one of the world's largest cement producers and among Italy's 10 largest industrial companies.
Italcimenti historically accessed the bond market through its main subsidiary Ciment Français. This issue is a debut bond for Italcementi, which will now be the issuing entity for the group.
The inaugural issue carries a Change of Control clause and a standard Coupon-step language, a common practice within the cement sector and for this rating class.
Proceeds will be used to progressively refinance Ciment Français'debt (Italcementi's main subsidiary) in order to reduce structural subordunation issues.