(Telestock) – Irene today concluded the issue of a Bond of duration of 9 yearsthe sixth in Green Use of Proceeds format, which allows to further strengthen the Group’s financial structure, improving liquidity ratios. The provision contributes to the financing and refinancing of projects that contribute to the realization of the sustainability goals defined in the update of the Industrial Plan @2030, approved in June 2024.
This confirms the strong appreciation from institutional investors for the sustainable growth strategy undertaken by the Group, thanks to a high demand, almost 5 times the amount offeredand quality, to a broad geographical diversification as well as to a significant participation of the so-called Socially Responsible Investors (SRI).
The bond placement carried out (expected rating BBB for Fitch and BBB for S&P) is characterised by a total amount of 500 million Euro under the Euro Medium Term Notes (EMTN) Programme of 4 billion Euro, approved on 16 July 2024 by the Central Bank of Ireland and deposited on the regulated market of the Irish Stock Exchange (Euronext Dublin) where the EMTN Programme is listed.
The titles, which have a minimum unit cut of 100,000 euros and expire on September 23, 2033, pay a gross annual coupon equal to 3.625% and were placed at an issue price of 99.300%. The effective gross yield to maturity is equal to 3.718% corresponding to a yield of 137 basis points above the midswap rate. The settlement date has been set for 23 September 2024.
The new Bond is expected to be listed on the regulated market of the Irish Stock Exchange (Euronext Dublin) and to be admitted to trading on the “ExtraMOT PRO” system organised and managed by Euronext Milan in the segment dedicated to green instruments.
The placement operation was managed by BofA Securities, IMI – Intesa Sanpaolo, Mediobanca, Société Générale and UniCredit as Active Bookrunners and by Banca Akros, Barclays, Citi, Goldman Sachs International and JP Morgan as Other Bookrunners.