Eni intends to start an offer of senior unsecured bonds convertible into Snam ordinary shares for a total amount of approximately 1.250 million euro. The bond offering will be made in accordance with the Securities Act of 1933 as subsequently amended.
“Regarding the characteristics of the bonds – explains a note – Eni envisages a 3-year maturity with a coupon between 0,125% and 0,625% per annum, payable annually in arrears. The conversion premium will be determined at the time of pricing and is expected to be between 20% and 25% higher than the reference price of Snam ordinary shares”. The bond offer was approved yesterday by Eni's board of directors.
“Following the pricing, Eni intends to undertake not to place further Snam shares on the market for a period starting today and up to 90 days from the conclusion of the bond offer. Eni will communicate the results of the placement and the final terms of the operation, determined following the bookbuilding, as soon as they are available. The company intends to request admission to listing of the Bonds within 90 days of the settlement of the bond offer. The proceeds from the transactions will be used for general operational management purposes.
About an hour after opening, Eni's stock gains 0,3% in Piazza Affari.
