Offering Circular. - SFM

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description of certain restrictions on the offering and sale of the Notes and on distribution of this document, see “Subscription and Sale”, below. The Notes may not be offered or sold directly or indirectly, and neither this Offering Circular nor any other offering circular nor any prospectus, form of application, advertisement, other offering material or other information relating to the Issuer or the Notes may be issued, distributed or published in any country or jurisdiction (including the Republic of Italy, the United Kingdom, The Netherlands and the United States), except under circumstances that will result in compliance with all applicable laws, orders, rules and regulations. No action has or will be taken which could allow an offering (sollecitazione all’investimento) of the Notes to the public in the Republic of Italy. For a further description of certain restrictions on offers and sales of the Notes and the distribution of this Offering Circular, see “Subscription and Sale”, below. Each initial and each subsequent purchaser of a Note will be deemed, by its acceptance of such Note, to have made certain acknowledgements, representations and agreements intended to restrict the resale or other transfer thereof as described in this Offering Circular and, in connection therewith, may be required to provide confirmation of its compliance with such resale or other transfer restrictions in certain cases. See “Subscription and Sale”, below. IN CONNECTION WITH THE ISSUE AND DISTRIBUTION OF THE NOTES, MERRILL LYNCH INTERNATIONAL OR ANY PERSON ACTING FOR IT MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD AFTER THE ISSUE DATE. HOWEVER, THERE MAY BE NO OBLIGATION ON MERRILL LYNCH INTERNATIONAL OR ANY AGENT OF ITS TO DO THIS. SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST BE BROUGHT TO AN END AFTER A LIMITED PERIOD. All references in this document to “h”, “euro” and “cents” refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European Community (signed in Rome on 25 March, 1957), as amended. iv
CONTENTS Summary Information.......................................................................................................................................2 Special Considerations ...................................................................................................................................20 Credit Structure...............................................................................................................................................30 The Portfolio...................................................................................................................................................34 The Region of Lazio.......................................................................................................................................38 The Economy of the Region of Lazio............................................................................................................44 Financial Information of the Region of Lazio................................................................................................51 Debt of the Region of Lazio...........................................................................................................................62 The Originator and Servicer ...........................................................................................................................65 The Issuer’s Bank Accounts...........................................................................................................................67 Terms and Conditions of the Notes................................................................................................................69 Schedule – Rules of the Organisation of the Noteholders .............................................................................99 Use of Proceeds ............................................................................................................................................112 The Issuer .....................................................................................................................................................113 The Swap Guarantor and Swap Counterparty..............................................................................................121 The Account Bank........................................................................................................................................122 The Account Bank Agreement.....................................................................................................................123 The Agency and Account Agreement ..........................................................................................................124 The Transfer Agreement and the Transfer Deeds ........................................................................................127 The Servicing Agreement.............................................................................................................................130 The Warranty and Indemnity Agreement and the Put Option Agreement...................................................134 The other Transaction Documents................................................................................................................142 The Interim Documents................................................................................................................................145 The Expected Maturity and Average Life of the Notes ...............................................................................147 Taxation in the Republic of Italy..................................................................................................................148 Subscription and Sale ...................................................................................................................................153 General Information .....................................................................................................................................155 Index of Defined Terms................................................................................................................................157 1
Page 1 and 2: Pursuant to article 2, paragraph 3
Page 3: No person has been authorised to gi
Page 7 and 8: Corporate Services Provider Stichti
Page 9 and 10: 2. Summary of the Notes Issue of th
Page 11 and 12: of Undertaking and the Shareholders
Page 13 and 14: “Collection Period” means each
Page 15 and 16: credit of the Expenses Reserve Acco
Page 17 and 18: fourth Business Day before the imme
Page 19 and 20: case, only if and to the extent tha
Page 21 and 22: of the Notes until the end of such
Page 23 and 24: Fitch, and permit daily or weekly l
Page 25 and 26: Agreement”, below. There can be n
Page 27 and 28: estrictions on the activities which
Page 29 and 30: Projections, forecasts and estimate
Page 31 and 32: eproduced herein was prepared in ac
Page 33 and 34: Withholding tax under the Notes Any
Page 35 and 36: purchased with funds standing to th
Page 37 and 38: If the Swap Transaction is terminat
Page 39 and 40: immovable asset formerly belonging
Page 41 and 42: (iii) Azienda Unità Sanitaria Loca
Page 43 and 44: metropolitan and municipal bodies,
Page 45 and 46: investment programmes, for determin
Page 47 and 48: e-organised its regional healthcare
Page 49 and 50: GDP of the Region (1) Year Ended 31
Page 51 and 52: Service Sector The service sector a
Page 53 and 54: Agriculture in the Region can be br
Page 55 and 56:
FINANCIAL INFORMATION OF THE REGION
Page 57 and 58:
The Region’s repayment obligation
Page 59 and 60:
In order to fund Expected Healthcar
Page 61 and 62:
1998 1999 2000 2001 2002 2003 Curre
Page 63 and 64:
Year Ended 31 December 1998 1999 20
Page 65 and 66:
The following table sets forth for
Page 67 and 68:
As of 31 December 2003, 45 per cent
Page 69 and 70:
THE ORIGINATOR AND SERVICER Introdu
Page 71 and 72:
THE ISSUER’S BANK ACCOUNTS Pursua
Page 73 and 74:
TERMS AND CONDITIONS OF THE NOTES T
Page 75 and 76:
“CONSOB” means the Commissione
Page 77 and 78:
opinion of the Representative of th
Page 79 and 80:
“Joint Lead Managers” means Mer
Page 81 and 82:
“Scheduled Repayment Amount” me
Page 83 and 84:
(d) Holder Absolute Owner The Issue
Page 85 and 86:
Expenses Reserve Account are insuff
Page 87 and 88:
over all of the Issuer’s property
Page 89 and 90:
(B) (C) (D) (E) the Issuer confirms
Page 91 and 92:
at the relevant time listed and (if
Page 93 and 94:
and (b) any additional taxes payabl
Page 95 and 96:
(b) (c) (d) Payments subject to tax
Page 97 and 98:
(B) in each case, the Representativ
Page 99 and 100:
(b) (c) (d) Waiver In addition, the
Page 101 and 102:
The Issuer shall also ensure that n
Page 103 and 104:
SCHEDULE - RULES OF THE ORGANISATIO
Page 105 and 106:
Article 5 Issue of Voting Certifica
Page 107 and 108:
hands a resolution has been passed,
Page 109 and 110:
(b) (c) (d) the Representative of t
Page 111 and 112:
(v) any accounts, books, records or
Page 113 and 114:
No provision of these rules, the No
Page 115 and 116:
(f) to distribute the monies from t
Page 117 and 118:
THE ISSUER Introduction FL Finance
Page 119 and 120:
The company’s sole corporate obje
Page 121 and 122:
120. Quota capital At the balance s
Page 123 and 124:
(2) Warranty and Indemnity Agreemen
Page 125 and 126:
THE SWAP GUARANTOR AND SWAP COUNTER
Page 127 and 128:
THE ACCOUNT BANK AGREEMENT The desc
Page 129 and 130:
(iii) (starting from the Collection
Page 131 and 132:
THE TRANSFER AGREEMENT AND THE TRAN
Page 133 and 134:
The Transfer Agreement provides tha
Page 135 and 136:
(l) maintain and implement administ
Page 137 and 138:
The Issuer may appoint a substitute
Page 139 and 140:
(c) (d) (e) (f) (g) (h) Each Contra
Page 141 and 142:
(q) (r) (s) (t) (u) (v) (w) (x) (y)
Page 143 and 144:
(ss) Each Delegation of Payment (de
Page 145 and 146:
and all damages, losses, claims, li
Page 147 and 148:
the Noteholders as their agent with
Page 149 and 150:
THE INTERIM DOCUMENTS The Security
Page 151 and 152:
THE EXPECTED MATURITY AND AVERAGE L
Page 153 and 154:
Where an Italian resident Noteholde
Page 155 and 156:
the computation of the annual incre
Page 157 and 158:
SUBSCRIPTION AND SALE Merrill Lynch
Page 159 and 160:
GENERAL INFORMATION Authorisation T
Page 161 and 162:
INDEX OF DEFINED TERMS h ..........
Page 163 and 164:
Initial Swap Agreement.............
Page 165 and 166:
Specified Offices..................
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Offering Circular. - SFM

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