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

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San Donato Milanese, 3 April 2013 – TodaySnam SpA (S&P rating A-, Moody’s Baa1) successfully launched a two tranche fixed rate bond issue, with tenors of 4 and 8 years respectively, 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 on June 4 th, 2012.


Today’s transaction represents a significant step towards the optimization of Snam’s debt structure, increasing the role of the Debt Capital Market in coherence with the Company’s business profile.


The transaction attracted orders for more than 5 billion euro, with high quality and  wide geographical diversification of investors.


The bonds will be listed on the Luxembourg Stock Exchange.


“The success of the transaction allows us to further optimize the average cost of our debt, while increasing both maturity and the fixed rate quota, in line with our expectations�? - said Snam CEO Carlo Malacarne. “The high quality of investors as well as the pricing of this large sized transaction confirms the positive attitude of the capital markets towards Snam‘s credit�?.


Bookrunners and Joint Lead Managers of the placement, which is reserved for institutional investors, were Banca IMI, BNP Paribas, Citi, JP Morgan, Morgan Stanley and UniCredit together with Barclays, BofA Merrill Lynch, HSBC, Mediobanca, Mizuho, Mitsubishi UFJ Securities, Société Générale CIB, SMBC Nikko and UBS.


Details are as follows:


4 year Tranche

Amount: euro 1 billion

Maturity: June 30 th,  2017

Annual coupon of 2.375% . The re-offer price is 99.723 (equivalent to a spread of 170 basis points over the reference mid-swap rate).

8 year Tranche

Amount: euro 500 million

Maturity: January 29 th, 2021

Annual coupon of 3.375% . The re-offer price is 99.691 (equivalent to a spread of 208 basis points over the reference mid-swap rate).



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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