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Snam: two tranche fixed rate bond issue successfully launched for a total of 1.5 billion euro, reserved to institutional investors

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Snam: two tranche fixed rate bond issue successfully launched for a total of 1.5 billion euro, reserved to institutional investors
 
San Donato Milanese, 6  November 2012 – TodaySnam SpA (S&P rating A-, Moody’s Baa1) successfully launched a two tranche fixed rate bond issue, with tenors of 3 and 7 years, for a total amount of 1.5 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 the final step for the completion of the repayment of the bridge to bond facilities, as part 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 approximately 8 billion euro, with high quality and  wide and geographical diversification of investors.
 
The bond will be listed on the Luxembourg Stock Exchange.
 
“The success of the transaction allows us, just four months after our debut on the capital market, to complete the issues of bonds related to the repayment of the bridge to bond financing as well as to consolidate the cost of our debt at competitive level, in line with our expectations- said Carlo Malacarne, Snam CEO. Furthermore, with this transaction Snam has secured its financial needs until 2015�?.
 
Bookrunners and Joint Lead Managers of the placement, which is reserved to institutional investors, were BNP Paribas, Citi, JP Morgan, Mediobanca, Morgan Stanley, Société Générale CIB and UBS together with Banca IMI, BofA Merrill Lynch, HSBC and UniCredit.
 
Details are:

  

3 year Tranche
Amount: Euro 750 million
Maturity: November 13 th,  2015
Annual coupon of 2% . The re-offer price is 99.847 (equivalent to a spread of 150 basis points over the reference mid-swap rate).

    

7 year Tranche
Amount: Euro 750 million
Maturity: February 13 th, 2020
Annual coupon of 3.5% . The re-offer price is 99.646 (equivalent to a spread of 220 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