Enel has completed the refinancing of part of its portfolio of non-convertible hybrid subordinated bonds through a voluntary non-binding exchange offer for the repurchase of the bond hybrids maturing on January 15, 2075 and January 10, 2074.
With the conclusion of theExchange Offer, promoted by Enel since 15 May 2019 as at 21 May 2019, the company purchased a total amount equal to:
- 340,2 million euros of the hybrid bond with a nominal amount still outstanding of 749.981.000 euros, issued by Enel itself, maturing on January 15, 2075 and first call date on January 15, 2020;
- 215,8 million euros of the hybrid bond with a nominal amount still outstanding of 513.256.000 euros, issued by Enel itself, maturing on January 10, 2074 and next early repayment date on January 10, 2024.
The consideration for these purchases will consist of an increase, from an amount of 300 million euros to 900 million euros, of the new hybrid bond called "NC6", launched on 15 May 2019, maturing on 24 May 2080 and whose first call period. expires on May 24, 2025. The Company has therefore exercised the right provided by the terms and conditions of theExchange Offer to increase the aggregate nominal amount of the new hybrid bond issue originally set at €750 million.
THEExchange Offer therefore allows holders of hybrid bonds maturing on 15 January 2075 and 10 January 2074 to sell the same before the call dates, respectively on January 15, 2020 and January 10, 2024, in exchange for new hybrid bonds with first call period with later expiration (on May 24, 2025) issued through the increase of the “NC6” issue.
The transaction is aimed at the active management of the maturities and the cost of the Enel Group's debt, as part of a program to optimize financial management, in line with the 2019-2021 Strategic Plan, which provides for the refinancing of 13,6 billion euros by 2021, including through the issue of hybrid bonds.
