Hectic morning at Italgas, which continues its debt optimization strategy. Today, 2 December, the company specializing in gas distribution started abuyback offer aimed at holders of two securities issued under its Euro medium-term program and launched a fixed-rate bond.
The first purchase offer concerns a bond of 750 million at 0,500%, maturing on 19 January 2022, to be fully repaid, while the second is worth 650 million at 1,125%, maturing on 14 March 2024 and to be fully repaid. Italgas will settle the entire amount in cash. The maximum amount accepted will be defined by Italgas according to the terms and conditions contained in the Tender Offer Memorandum dated 2 December 2019, subject to the applicable offer and distribution restrictions.
BNP Paribas, JP Morgan Securities plc and Unicredit Bank AG are acting as Dealer Managers, while the outcome of the transaction will be communicated to the market in the coming days.
Along with this operation, the company launched a new fixed-rate bond issue the proceeds of which will be used, in whole or in part, to repurchase the instruments subject to the Tender Offer.
The placement, aimed at institutional investors only, is organized and directed, as Joint Bookrunners, by BNP Paribas, JP Morgan Securities plc, Unicredit Bank AG, Banca IMI SpA, Citigroup Global Markets Limited, Goldman Sachs International, Mediobanca SpA and Société Générale .
