Snam (rating Baa1 for Moody's, BBB for S&P and BBB+ for Fitch) today successfully concluded the launch of a fixed-rate bond issue, maturing in January 2025, for a total amount of 500 million euro, as part of the EMTN (Euro Medium Term Notes) program approved by the Board of Directors on 27 September 2016.
The operation has registered a demand equal to approximately 2 times the offer, with a high quality and a wide geographical diversification of the investors. With today's issue, Snam continues along the path of optimizing the debt structure and continuously improving the cost of capital, in line with its objectives.
The bonds will be listed on the Luxembourg Stock Exchange. The placement is aimed at institutional investors and was organized and managed, as Joint Bookrunners, by Banca IMI, Barclays, BofA Merrill Lynch, Citi, JP Morgan, and UniCredit. The characteristics of the new bonds are as follows:
Amount: 500 million euros
Deadline: January 25, 2025
Annual coupon of 1,25% with a re-offer price of 99,487 (corresponding to a spread of 85 basis points on the reference mid swap rate)
