Snam awarded the International Financing Review’s 2012 EMEA Loan of the Year
The International Financing Review (IFR), an influential international publication on capital markets, has awarded Snam the EMEA 2012 Loan of the Year for the €11 billion loan finalized by the Group last summer.
The loan, which features durations of up to 5 years, was underwritten by consortium of major banks during the Company’s debt refinancing, following the ownership unbundling from Eni, a process which was successfully completed within the timeframe set out earlier in the year.
The IFR jury stated that Snam “stood out in a particularly volatile and difficult market environment, in which concerns surrounding Italian sovereign risk, combined with the Southern-European economic crisis made the Company’s debut credit lending even more challenging�?.
Snam’s successful bond issues on international markets between July and November – which secured €6bn and were approximately 4 times oversubscribed – subsequently enabled the Company to reduce its debt position from €11bn to €5bn.
The quality of the Group’s assets and robustness of its business model have enabled Snam to raise a total of almost €20bn in just 8 months, including medium to long-term loans and bond placements, resulting in a significant flow of international capital into Italy during a period characterized by challenging economic conditions in the Italian credit markets. .
The awards ceremony will take place at Grosvenor House in London, on Wednesday 23 January 2012, when IFR will present awards to the best performing banking institutions and companies in 2012.
05 August 2016 - 16:19 CEST