BRIEF-Government Properties Income Trust to acquire First Potomac Realty Trust for $1.4 bln
* Government properties income trust to acquire First Potomac Realty Trust for approximately $1.4 billion
MILAN, April 5 Foreign investors have bought around 75 percent of a 249 million euro ($265 million) initial share offering by Italian factoring specialist Banca Farmafactoring (BFF) that closed on Tuesday, a source close to the deal said.
Shares in BFF will start trading on the Milan bourse on Friday after the group placed a 31 percent stake in an IPO priced at the bottom of the range initially provided, giving the company a market value of 800 million euros. BFF, which operates in Italy, Poland, Czech Republic, Slovakia, Spain and Portugal, buys at a discount bills that suppliers issue to the public administration, effectively providing credit to these companies.
The source said investor demand had been driven by a dividend yield of more than 10 percent at pricing.
"A relatively long-term type of book of people who want to play this for dividend in the next one to two years," the source said.
The source said the book had been oversubscribed but declined to give further details. UK investors accounted for around 50 percent of overall demand.
Mediobanca, Morgan Stanley and Deutsche Bank acted as joint global coordinators and joint bookrunners for the offer, BNP Paribas, Jefferies International and UniCredit CIB as joint bookrunners and Banca Akros as co-lead manager. ($1 = 0.9384 euros) (Reporting by Valentina Za and Elisa Anzolin, editing by Susan Thomas)
June 28 National Reinsurance Corporation Of the Philippines :