Debt and Rating

As of 30 June 2022, financial debt of the Group towards third parties amounts to €2,273 million (nominal value), entirely issued by Poste Italiane SpA, consisting of:
 

• a senior unsecured bond with a total notional amount of one billion euro, issued in two tranches on 20 December 2020 and placed in public form to institutional investors. The first tranche of €500 million expires on 10 December 2024, issue price above par of 100.10, annual fixed coupon of 0.00% and effective yield to maturity of -0.025%; the second tranche of €500 million expires on 10 December 2028, issue price below par of 99.758, annual fixed coupon of 0.50% and effective yield to maturity of 0.531%;
• a Private Placement issued by Poste Italiane SpA of €50 million (maturity in 2023);
• use of short-term uncommitted credit lines for €400 million;
• four loans granted by the EIB - European Investment Bank, aimed at financing some investment projects, totaling €823 million (€573 million maturity in 2026 and €250 million maturity in 2028).

On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €2,004 million. Such amount represents the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.

Furthermore, as of 30 June 2022 Poste Italiane SpA has about €2.6 billion of undrawn committed and uncommitted credit lines of which Revolving Credit Facilities committed of €1.75 billion. Furthermore, on 31 March 2022, a further EIB loan of €600 million was stipulated, not yet paid, with an availability period until 31 March 2023.

Financial debt does not include a perpetual subordinated 8-year non-call hybrid securities issue, with a nominal value of €800 million, issued on June 24, 2021 and placed in public form to institutional investors, as such hybrid bond is accounted for in equity. The securities, which have no fixed maturity, become due and payable only in the event of winding-up or liquidation of the Company, as specified in the terms and conditions, save for optional redemption (call), where applicable. The "First Call Date" is March 24, 2029. The annual fixed coupon is 2.625% until the first Reset Date of 24 June 2029. As from such date, interest per annum is determined according to the relevant 5-year Euro Mid Swap rate, plus an initial spread of 267.7 basis points, increased by an additional 25 basis points as from 24 June 2034 and a subsequent increase of additional 75 basis points as from 24 June 2049. The fixed coupon is payable annually in arrears, starting from 24 June 2022. The issue price has been set at 100% and the effective yield to the first "Reset Date" is equal to 2.625% per annum.