The operation was successfully concluded Tender Offer initiated by Snam last November 3rd. The operation envisaged the placement of an 8-year bond issue for an amount of 750 million, to be allocated to an exchange with own bonds previously issued and subsequently purchased by BNP Paribas.
This was communicated in a note released by Snam, which specifies that Bnp Paribas, on the basis of the acceptances received, has repurchased the company's already outstanding bonds for the maximum amount envisaged of one billion euros, as part of the exchange operation, while the new bond, which will have to be settled on November 19, has received orders for about 5 billion.
Specifically, Bnp Paribas withdrew 300,009 million of the bond in July 2016, 250,085 million in June 2017, 299,954 million in March 2018 and 149,950 million in January 2019. According to what was agreed in the Tender Offer Memorandum, “on 19 November 2015, Snam will exchange the bonds listed above with the newly issued ones and settle the remaining amount in cash”.
The transaction, which allows Snam to continue the process of optimizing the debt structure and continuously improving the cost of capital, is the first so-called "intermediated" bond swap transaction ever carried out in Italy.
