(Finance) – The Board of Directors of Snamwhich met today under the presidency of Monica de Virgiliis, resolved the annual renewal of Euro Medium Term Notes Programme (the “EMTN Programme”), launched in 2012, confirming its maximum overall value of 13 billion euros.
Consequently, the Board resolved the issue, to be carried out by 11 October 2024, of one or more additional bond loans, for a maximum nominal value of approximately 4.1 billion euros, increased by the amount corresponding to the bonds
possibly repaid during the same period, to be placed with institutional investors operating mainly in Europe. The overall nominal value of the bonds issued under the program and in circulation cannot in any case exceed the maximum limit of 13 billion euros.
The EMTN Program represents an efficient tool for obtaining financial resources quickly, flexibly and at competitive costs on the capital market, in line with the expected evolution of the company’s financial structure. The securities issued may be listed on one or more regulated markets.
Furthermore, as part of the company’s strategy aimed at supporting the energy transition, the sums collected from bond issues can be used both for general corporate activity, possibly linked to sustainability objectives (the so-called Sustainability-Linked Bonds), and to finance specific projects aligned with the Taxonomy Delegated Acts issued by the European Commission (Taxonomy-aligned Use of Proceeds), contributing to the achievement of the sustainable finance target.
To date, as part of the EMTN Programme, approximately 8.9 billion euros in bonds have been issued.
The Board of Directors also resolved to renew the Euro Commercial Paper program (“ECP Program”), started in 2018, and the issue of one or more Euro Commercial Paper within 3 years from today, for a maximum program value of 3.5 billion euros, to be placed with investors institutional according to the terms and methods of the ECP Program.
As of September 30, 2023, the amount of commercial paper issued under the ECP Program was approximately €2.3 billion.
The new 3.5 billion euro ECP Programme, increased by 1 billion euro, will allow Snam to further diversify short-term financing instruments with a view to ever greater flexibility and will be equipped with an ESG rating, representing a of sustainable finance tools to support the company’s financing strategy.