By Pietro Lombardi

Assicurazioni Generali SpA's (G.MI) debt will fall by roughly 250 million euros ($274.9 million) after the insurance giant concluded the buyback of some subordinated bonds and placed its first green bond.

The company will buy back bonds for EUR1 billion, while issuing a EUR750 million green bond, it said late Monday. The green bond will finance or refinance projects such as green buildings, renewable energy and water management.

The transactions "will also lead to a reduction in the annual gross interest expense of around EUR68 million, which means the group will exceed the high end of the EUR70 million to EUR140 million interest expense reduction target announced last year," Chief Financial Officer Cristiano Borean said.

The insurer said last November that its new strategy included cutting debt by up to EUR2 billion by 2021.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

September 24, 2019 02:13 ET (06:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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