The second Italian operator in gas distribution, 2i Gas network, a subsidiary of F2i and Ardian, placed this morning a 540 million euro bond at a fixed rate, maturing on 2 January 2020 and with a spread of 80 basis points on the mid-swap rate. Demand was good, amounting to around two billion euro.
“The operation was a great success for the pricing and for the high quality and wide geographical diversification of the investors”, commented the managing director of 2i Rete Gas, Gianclaudio Neri.
The bonds, intended exclusively for institutional investors in the Euromarket, have a minimum denomination of 100 euros and are governed by English law. Standard & Poor's and Moody's should give the bond a rating of BBB and Baa2 respectively.
"The issue completes the rationalization of the financial structure - concluded Neri - just four months after the debut operation on the regulated markets of 1,350 billion euro, thus strengthening the role of primary aggregator in the imminent process of carrying out the tenders of scope. Satisfaction is also manifested on the operational front where the corporate results for the current year are expected to be better than expected”.
