Italgas: completed the acquisitions from Amalfitana Gas and AEnergia Reti

Milan, 31 January 2018 – Italgas has completed the acquisitions of the Amalfitana Gas and AEnergia Reti company branches concerning, respectively, the natural gas distribution activities in three ATEMs in Campania and Basilicata, two regions in Southern Italy, and the distribution network of the Municipality of Portopalo di Capopassero (Syracuse).

Amalfitana Gas – The assets acquired include 12 gas concessions in as many municipalities, about 330 kilometres of network in operation and supplies over 22,000 customers. In particular, the municipalities that now are managed by Italgas are Somma Vesuviana, Viggiano, Baronissi, Calvanico, Pellezzano, Fisciano, Siano, Oliveto Citra, Contursi Terme, Montesano sulla Marcellana, Monte San Giacomo, Athena Lucana.

The deal value, equal to about €21 million, paid entirely in cash, includes the value of the going concern of 18.5 million and additional works carried out by Amalfitana Gas of about 2.5 million executed at closing date.

AEnergia Reti – In Portopalo di Capopassero the network extends for about 35 kilometres and reaches a pool of about 1,400 potential users. The deal value amounted to 2.2 million euro, also paid in cash.

Both transactions are in line with the growth strategy set out in the 2017-2023 Business Plan, allowing Italgas to furtherly strengthen its role in Southern Italy, where the historic presence of the company will enhance significant synergies with the assets currently managed and, by implementing important investments in the territory concerned, it will give a renewed stimulus to the process of natural gas distribution to areas that are not yet reached by the service.

Italgas: 2018 financial calendar

Milan, 25 January 2018 – Italgas announces the financial calendar and the dates of the publication of its 2018 financial results as approved by the Board of Directors: 


* Press release and conference call for the presentation of results to the financial community at the end of the Board of Directors’ meeting.

** Press release will be issued at the end of Shareholders’ meeting.

*** Press release will be issued in the morning (non trading hours); the conference call/Strategy presentation for the presentation of results to the financial community will be held in the afternoon on the same day.

The dividend for the 2017 financial year will be paid on 23 May 2018 (record date 22 May 2018) with coupon payment date 21 May 2018.

A road show to present the company’s objectives as established in the 2018-2024 Strategic Plan to institutional investors and financial analysts is scheduled to start in June 2018.

Any amendment to the above calendar will be notified to the market in due time.

Italgas successfully reopens the bond issue maturing in January 2029 for a further 250 million euros

Milan, 23 January 2018 – Today Italgas Spa (BBB+ rating for Fitch, Baa1 for Moody’ s) has successfully reopened the bond issued on September 18, 2017 (500 million euros, maturing on January 18,2029 and a coupon of 1.625%) for a further amount of 250 million euros.

The positive performance of the original issue on the secondary market allowed Italgas to have the reopening better priced in comparison to the original issue, with a spread of 58 bps on the mid-swap rate rather than the original 72 bps. At the moment of the issue, the secondary market levels of the bond reopened were higher than the spread of 58 bps obtained with today’s operation.

The transaction was approximately 7 times oversubscribed compared to the amount offered at the beginning and that allowed the Company to increase the size of the issue from 100 to 250 million euros with a high quality and wide geographical diversification of investors.

Today’s issue brings the amount of fixed-rate debt to over € 3.2 billion euros, also thanks to the hedging transactions from floating-to-fix carried out in the first part of January.

Italgas realized a further step in the optimization process of its debt structure, increasing maturity and fix/floating ratio.

The bond will be listed on the Luxembourg Stock Exchange.

BNP Paribas and Société Générale were Joint Bookrunners of the placement, which was reserved for institutional investors.

Details are as follows:

  • Amount: 250 million euro
  • Maturity: 18 January 2029
  • Annual coupon of 1.625%. The re-offer price is 99,94 (equivalent to a spread of 58 basis points over the reference mid-swap rate)
  • EMTN Program has been approved by Italgas’s Board of Directors on 23 October 2017.
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