Comunicati: Press release price sensitive

Milan, 12 October 2017 – Moody’s Investors Service (“Moody’s”) has affirmed Italgas S.p.A Long-Term Issuer Rating at ‘Baa1’ with Negative Outlook.

The rating affirmation reflects the Group’s strong focus on domestic low-risk gas distribution activities under a well-established and supportive regulatory framework.

Moody’s highlights Italgas’s strong cash flow generation and the good degree of operating efficiencies that would allow the Company to have a competitive advantage in the upcoming gas concession tenders.

NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN

Milan, September 11, 2017 – Today Italgas SpA (rating BBB+ by Fitch, Baa1 by Moody’s) successfully launched a fixed rate note issue, with maturity 18 January 2029 for an amount of 500 million euro with an annual coupon of 1.625% under its EMTN Programme (Euro Medium Term Notes) which was approved by the Board of Directors on 18th October, 2016.

The issuance is aimed at further optimizing Italgas financial structure, in terms of Italgas short and medium-long term debt, extending the average duration of debt and increasing the fixed rate quota.

This bond represents the longest tranche ever issued by Italgas so far and the longest tenor issued in euro by an Italian issuer in 2017 year to date.

The transaction was more than 2.6 times oversubscribed with high quality and wide and geographical diversification of investors.
Joint Bookrunners of the placement, restricted to institutional investors only, were Banca IMI, BNP Paribas, Citi, J.P. Morgan, Mediobanca, Société Générale and UniCredit.

The bond will be listed on the Luxembourg Stock Exchange.

Details are as follows:

• Amount: 500 million euro
• Maturity: 18 January 2029
• Annual coupon of 1.625%. The re-offer price is 99.746 (equivalent to a spread of 72 basis points over the reference mid-swap rate).

DISCLAIMER

This announcement (and the information contained therein) does not constitute or form part of any offer to sell nor a solicitation of any offer to buy any securities nor shall there be any offer of securities in any jurisdiction in which such offer or sale would be unlawful. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement does not constitute an offer of securities for sale in the United States, in Australia, Canada and Japan and in any jurisdiction in which such offer or sale would be unlawful and is not for publication or distribution in any such jurisdictions. The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement is not a public offer of financial products in Italy as per Article 1, para. 1, letter. t) of Legislative Decree no. 58 of February 24, 1998. The documentation relating to the offer has not been/will not be submitted to the approval of CONSOB.

Milan, 21 November 2016 – Italgas has finalised a medium to long-term issuance programme (Euro Medium Term Note Programme), for a total of up to EUR 2.8 billion, further to the Board of Directors’ approval on 18 October 2016.

The programme envisages the issuance of one or more non-convertible bonds to institutional investors in Europe, issued in one or more tranches by 31 October 2017.

The issued securities will be listed on the Luxembourg Stock Exchange. Moody’s and Fitch credit rating agencies have assigned this programme a rating of “Baa1” Outlook Stable, and “BBB +” respectively.

“In line with our strategy and targets presented to the financial community during our Capital Market Day and the road show, we are laying the foundations to establish a solid and efficient financial structure – Paolo Gallo, CEO of Italgas, said – aiming to diversify our funding sources and reach an appropriate balance between fixed and floating rate at competitive costs”.

The prospectus of EMTN Programme is available on the Company’s website (www.italgas.it in the “Investors” – “Debt and Credit rating” section).

Milan, 4 August 2017 – Fitch has affirmed Italgas S.p.A Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB+’. The Outlook on the IDR is Stable.

The rating affirmation reflects Italgas’s updated 2017-2023 business plan, which clarifies medium-term strategic and financial targets of the Italgas Group.

Fitch considers Italgas better placed for the current rating than last year due to a stronger cash flow generation and to the continuous implementation of the ambitious cost efficiency plan announced to the market by the management. Moreover, Italgas has been able to secure a low cost of funding having entirely built its debt structure also thanks to favourable market conditions.

For further information please visit https://www.fitchratings.com/site/pr/1027438

Milan, 28 July 2017 – The Board of Directors of Italgas S.p.A., on the proposal of the Appointments Committee, in compliance with the quota reserved for the less represented gender, has co-opted Federica Lolli as a non-executive director to replace the outgoing Barbara Borra.

The Board of Directors has ascertained the existence of the legal and independence requirements set forth in the Corporate Governance Code of Listed companies. The Board of Statutory Auditors has confirmed that the criteria and the ascertainment procedures adopted to assess the independence requirements have been correctly applied.

The co-opted Director, pursuant to art. 2386 of the Italian Civil Code, will remain in office until the next shareholders’ meeting.
The full text of the curriculum vitae of Federica Lolli is available at the registered offices and on the website of the Company www. in the section https://www.italgas.it/governance/consiglio-di-amministrazione/.

The Company specifies that, as far as it is aware, as of today Federica Lolli does not hold shares in Italgas S.p.A.

Madrid, 15 May 2017 – A meeting gathering Energy Commissioner Miguel Arias Cañete and five top managers of some of Europe’s leading gas distribution companies, including Paolo Gallo, Italgas CEO, took place today in Madrid. During the meeting were addressed the topics of decarbonisation, developing biomethane and new ways of using natural gas, innovative data management, data protection and cybersecurity. These themes will be fully analysed at European level through the revision of Gas Market Design, as in the case of the electricity sector.

The five executives have set up in 2016 “Gas Distributors 4 Sustainability”, a coalition between some of Europe’s main gas distributors: Italgas, Italy (Paolo Gallo); GRDF, France (Edouard Sauvage); Distrigaz Sud Retele, Romania (Vonjy Andriamanga); Galp Gás Natural Distribuição, Portugal (Gabriel Sousa); Gas Natural, Spain (Antoni Peris).

The European distributors’ group voiced its satisfaction for the objectives and the scope of the measures published by the European Commission under the name of “Clean Energy for All Europeans” or “Winter Package”. However, according to the European gas distributors, in addition to having a cost-effective approach, the new regulations will have to pay close attention to respecting the principle of technological neutrality, and therefore avoid presenting decarbonisation as the only means towards electrification.

During the meeting with the European Commission, GD4S representatives highlighted the growing role of natural gas and its contribution to achieving the environmental targets set by COP21 in Paris in order to address the challenge of climate change and air quality in our cities and to reach the goal of a low-emission society.

Representatives from gas distributors stressed, among other things, that in terms of local pollution, the use of natural gas instead of traditional fuels such as coal, diesel or biomass dramatically reduces emissions of NOx and Sox and completely eliminates solid particle emissions. In terms of global warming, natural gas already generates a significant reduction in CO2 emissions compared to coal and oil, biomethane – which makes natural gas renewable – and is capable of achieving CO2 neutrality, or even a negative balance.

Representatives from «Gas Distributors 4 Sustainability» highlighted to the Commissioner Cañete the opportunity to support the development of renewable gas in the same way as other renewable energies were supported in their maturation stage. Renewable gas is an extremely beneficial solution from an environmental standpoint. It is carbon neutral and readily available through the gas infrastructural system for transport, storage and distribution present throughout the European Union’s territory.

While discussing the possible evolutions of the European energy market, Paolo Gallo pointed out that “we must recognize that we currently have different applications of the same European rules, for example in the case of white certificates: in Italy our system is a far cry from an efficient redistribution of the burden of energy saving targets. As of now, it falls solely on electricity and gas distribution companies. The different application of the same European regulations at the national level brings different results and higher costs for the end-users in some countries, which means ultimately moving further away from creating a truly unique and homogeneous European gas market. It is something to think about carefully in order to find the right countermeasures.

GD4S is an coalition created in 2016; to date, it represents the most important players in gas distribution in Europe who together serve a total of around 25 million customers and represent approximately 20% of European natural gas consumers. One of its objectives is to share best practice approaches and experiences in each of their respective markets, with the aim of improving the quality of services provided to consumers. The founding companies are considering to transform it in a formal association in the coming weeks.

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Italgas
Italgas is the leading natural gas distribution operator in Italy and the third in Europe. With 3,700 employees, it manages, directly or through its affiliates, a distribution network that covers approximately 65,000 km. Last year Italgas distributed round 8 billion cubic metres of gas to 7.4 million customers. Since November 2016, the Company is listed in the FTSE MIB index of the Italian stock exchange.

GRDF
Gaz Réseau Distribution France (GRDF) is a gas distribution company, independant subsidiary of ENGIE. GRDF performs daily its public service missions by managing the downstream gas network, connecting and delivering gas to around 11 million customers (end-users) in France. GRDF designs, builds, operates and maintains this grid in more than 9,500 cities while guaranteeing safety of people and property, as well as quality of delivery.

Distrigaz Sud Retele
Distrigaz Sud Retele is a gas distribution company operating in the South of Romania. It manages a distribution network that covers 19,000 km connecting and delivering gas to 1,6 million end users.

Galp Gás Natural Distribuição
Galp Gás Natural Distribuição manages a distribution network of about 12,000 km and serves over 1 million users. In 2016 it distributed 1.4 billion cubic meters of gas

Gas Natural Distribuciòn
Gas Natural Distribuciòn is is a total of 11 distribution companies with operations in all the autonomous regions of Spain. They are responsible for the development, operation and maintenance of a gas distribution network in Spain of more than 53.000 km. There are over 5.3 million consumers in more than 1,000 towns and cities connected to this network.