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Snam: Board of Directors approves bond issue and convenes extraordinary Shareholders' Meeting

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San Donato Milanese (Milan), 4 June 2012 – Following the recent Prime Minister Decree of 25 May 2012 and the subsequent decisions taken by Eni and Cassa Depositi e Prestiti, Snam's Board of Directors, chaired by Salvatore Sardo, today approved a bond issue, to be placed with European institutional investors. The bond issue will be based on a Euro Medium Term Notes 1 (EMTN) programme, with a value of up to 8 billion euros, to be issued in one or more tranches between now and 4 June 2013.

 

The bonds may be listed on regulated markets.

 

Mr Malacarne, CEO of Snam, commented: “In the context of Eni’s deconsolidation from Snam, we are preparing for financial independence with the aim of continuing to support the Company’s important strategic development plans. The bond issue will enable Snam to diversify its funding sources, widen its investor base and maintain a balanced financial structure between short and medium-long term indebtness at a competitive cost".

 

The Board of Directors is to convene at three Extraordinary Shareholders’ Meetings on 30 and 31 July, and on 1 August 2012 respectively, and will be called to vote on the proposed cancellation of treasury shares, following the elimination of the nominal value of the shares in circulation and the resulting amendments to the company’s bylaws.

 

Pursuant to Article 135-undecies of the TUF, the Board has confirmed Georgeson as the designated company for shareholders to use, free of charge, as a proxy for participation at Shareholders’ Meeting.

 
 

1 The completion of EMTN program is expected to occur in coming weeks, following the obtainment of the necessary authorization.

  

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updated
05 August 2016 - 16:19 CEST