Snam launches a fixed rate note issue, reserved for institutional investors, aimed at a potential exchange of notes

Price sensitive


San Donato Milanese, 3 November 2015 – This morning Snam S.p.A. (rated BBB by S&P, Baa1 by Moody’s and BBB+ by Fitch) has launched a fixed rate note issue, maturity 2023, for a benchmark amount under its EMTN Programme (Euro Medium Term Notes) which was approved by the Board of Directors on 22 June 2015. The notes will be listed on the Luxembourg Stock Exchange.

Features of the new notes are as follows:
Amount: benchmark
Maturity: November 2023
Initial Price Terms: Mid Swap + 95 - 100 bps

Bookrunners and Joint Lead Managers of the placement, which is reserved for institutional investors, are Banca IMI, Bank of America, Barclays, BNP Paribas (acting also as Global Coordinator), Citi, Credit Agricole, HSBC, JP Morgan (acting also as Global Coordinator), Mediobanca, Société Générale and Unicredit.

Moreover, on the date hereof, BNP Paribas S.A. has launched a tender offer on some notes already issued by Snam S.p.A., namely:  

  • € 1,000,000,000 – 4.375% - maturity 11 July 2016 (ISIN Code XS0803479442)
  • € 1,250,000,000 – 2.375% - maturity 30 June 2017 (ISIN Code XS0914292254)
  • € 1,500,000,000 – 3.875% - maturity 19 March 2018 (ISIN Code XS0829183614)
  • € 1,000,000,000 – 5.000% - maturity 18 January 2019 (ISIN Code XS0806449814)

up to a maximum overall amount of 1,000 million euro, in accordance with the terms and conditions of the Tender Offer Memorandum dated 3 November 2015. The launch notice of the tender offer is available on the website www.bourse.lu.

The new issue may be aimed, in whole or in part, at an exchange with those notes already issued by Snam S.p.A. (included in the list above), which BNP Paribas S.A. may have acquired as a result of the tender offer launched by such entity. The completion of the new issue launched today by Snam – which will be executed through the placement of the new notes to institutional investors - is a condition, as per the agreements occurred, for the aforementioned exchange.

The transaction is consistent with the optimization process of Snam’s debt structure and cost of capital, in line with the Company’s targets.

Transaction’s results and timing of listing of the new notes will be announced to the market.


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 or in any jurisdiction in which such offer or sale would be unlawful 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 has not been/will not be submitted to the approval of CONSOB.

Page Alert
05 August 2016 - 16:19 CEST