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Snam: two tranche fixed rate bond issue successfully launched for a total of 2.5 billion euro, reserved to institutional investors

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NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

  

San Donato Milanese, 10 September 2012 – TodaySnam SpA (S&P rating A-, Moody’s Baa1) successfully launched a two tranche fixed rate bond issue, with tenors of 5 and a half years and 10 years, for a total nominal amount of 2.5 billion euro as part of its EMTN Programme (Euro Medium Term Notes) approved by the Board of Directors last June 4th.

 

Today’s bond issue represents a significant step forward toward the completion of the programme announced at the beginning of this year, to raise financing from the debt capital markets in order for Snam to realize full financial independence.

 

The bond issue attracted orders for more than 12 billion euro, with high quality and  wide and geographical diversification of investors allowing the company to increase the average duration of its debt.

 

The bond will be listed on the Luxembourg Stock Exchange.

 

“The success of the transaction confirms the market’s positive attitude towards Snam’s credit. The issues of bonds representing approximately ¾ of the bridge to bond financing give us the flexibility to evaluate the best options in terms of timing and conditions for the remaining issues- said Carlo Malacarne, Snam CEO. This transaction also allows the company to consolidate its position even with long-term investors�?.

 

Bookrunners and Joint Lead Managers of the placement, which is reserved to institutional investors, were BofA Merrill Lynch, Citi, HSBC, Mediobanca, Société Générale CIB and UBS together with Banca IMI, BNP Paribas, JP Morgan, Morgan Stanley and UniCredit,

  

Details are:

 

5 and ½ year Tranche

Amount: Euro 1.5 billion

Maturity: March 19th,  2018

Annual coupon of 3.875% . The re-offer price is 99.620 (equivalent to a spread of 285 basis points over the reference mid-swap rate).

    

10 year Tranche

Amount: Euro 1.0 billion

Maturity: September 19 th, 2022

Annual coupon of 5.25% . The re-offer price is 99.444 (equivalent to a spread of 350 basis points over the reference mid-swap rate).

    

DISCLAIMER

This announcement (and the information contained therein) does not constitute or form part of any offer to sell nor a solicitation of any offer to buy any securities nor shall there be any offer of securities in any jurisdiction in which such offer or sale would be unlawful. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement does not constitute an offer of securities for sale in the United States, in Australia, Canada or Japan and is not for publication or distribution in any such jurisdictions. The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement is not a public offer of financial products in Italy as per Article 1, para. 1, letter. t) of Legislative Decree no. 58 of February 24, 1998. The documentation relating to the offer will not be submitted to the approval of CONSOB.

 
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05 August 2016 - 16:19 CEST