Snam: TAP of April 2023 existing fixed rate bond successfully launched for further 250 million euro

Price sensitive



San Donato Milanese, 21 January 2015 – Today Snam (S&P rating BBB, Moody’s Baa1) successfully launched TAP of existing fixed rate bond with maturity April 2023.

Today's transaction allows the Company to raise additional euro 250 million, as part of its EMTN Programme (Euro Medium Term Notes) approved by the Board of Directors on June 23rd, 2014. The deal was approximately 4 times oversubscribed, with high quality of orders and wide geographical diversification of investors.

Today’s issue is a further step in the optimization process of Snam’s debt structure and cost of capital.

The bond, issued with a re-offer price of 101.341 and a re-offer yield of 1.327%, will be listed on the Luxembourg Stock Exchange.

Bookrunners of the placement, which is reserved for institutional investors, were Barclays, BNP Paribas, ING, JP Morgan, Mediobanca and Mizuho.


Details are as follows:

Incremental amount: euro 250 million

Maturity: April 21 st,  2023

Annual coupon of 1.5%. The re-offer price is 101.341 (equivalent to a spread of 70 basis points over the interpolated 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does not constitute an offer of securities for sale in the United States, in Australia, Canada or Japan and is not for publication or distribution in any such jurisdictions.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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