(Finance) – SNAM announces the start of placement of unsecured seniors EU taxonomy-aligned transition bonds for a total amount of 500 million euros expiring in 2028 e convertible into shares existing ordinary ones Italgas.
The Notes will be issued at nominal value of 100,000 euros and it is expected that they will pay a annual coupon rate
fixed between 2.75% and 3.25%, to be paid on a deferred semi-annual basis on 29 March and 29 September of each
year, with the payment of the first coupon scheduled for March 29, 2024. The Bonds will have a duration of 5 years and will be reimbursed at maturity at the nominal value.
The initial price of conversionused for the calculation of the exchange property underlying the Notes, will incorporate a premium between 20% and 25% applied to the reference price.
The Joint Global Coordinators and Joint Bookrunners have informed the Issuer that, at the same time as the placement of the Bonds, they intend to conduct a simultaneous accelerated placement of Shares on behalf of the subscribers of the Bonds who intend to proceed with the short sale of such Shares to investors procured by the Joint Global Coordinators and Joint Bookrunners for the purpose of hedging in relation to the market risk deriving from the investment in the Bonds. The placement price for short selling in the Concurrent Delta Placement it will be determined through a process of accelerated bookbuilding managed by the Joint Global Coordinators and Joint Bookrunners.
The Joint Global Coordinators and Joint Bookrunners will commence the placement of Notes and Concurrent Delta Placement concurrently with the publication of this press release. SNAM will not receive proceeds from any sale of Shares in the Concurrent Delta Placement.