Snam has launched a new issue of a fixed-rate bond, maturing in 2026, for a benchmark amount under the Emtn Programme, reserved for institutional investors and intended for a potential bond swap.
This morning, 10 October, Bnp Paribas also launched a purchase offer on bonds already issued by the San Donato Milanese company for a target amount of up to 2 billion euro, under the terms and conditions contained in the Tender Offer Memorandum dated October 10, 2016.
Returning to the new bond, the latter will be destined, it is not yet known whether in part or in whole, to an exchange with the bonds that Bnp Paribas may have purchased with the Tender Offer.
The transaction, reads a note, allows Snam to continue along the path of optimizing the debt structure and continuously improving the cost of capital, in line with its objectives, also in consideration of the evolution of debt due to the of the separation of Italgas from Snam.
The characteristics of the new bonds launched by the Lombard company see the benchmark amount, the October 2026 maturity and initial mid swap price indications + 65-70 basis points. The placement is organized and managed, as bookrunners and joint lead managers, by Banca Imi, Barclays, Bnp Paribas, BofA Merrill Lynch, Citi, Credit Agricole, Goldman Sachs, Hsbc, Ing, JP Morgan, Mufg, Smbc Nikko and Societe General.
In this context, on Piazza Affari the Snam share gained 0,5% to 4,648 euro.
