Milan, 5 February 2021 – Italgas S.p.A. (rating BBB+ by Fitch, Baa2 by Moody’s) has launched this morning a new dual-tranche fixed rate bond issue, with respective maturities of 7 and 12 years, for an amount of 500 million Euros each.
Joint Bookrunners of the placement, restricted to institutional investors only, are BNP Paribas, J.P. Morgan Securities plc, Unicredit Bank AG, Intesa Sanpaolo S.p.A., Crédit Agricole CIB, Goldman Sachs International, Mediobanca S.p.A and Morgan Stanley.
At the same time, the Company has announced two Tender Offers addressed to holders of the following Notes issued by Italgas S.p.A. under its Euro Medium Term Note Programme:
- €750,000,000 0.500 per cent. Notes due 19 January 2022, whose outstanding amount is equal to nominal €268,360,000 (XS1551917245);
- €650,000,000 1.125 per cent. Notes due 14 March 2024, whose outstanding amount is equal to nominal €480,945,000 (XS1578294081).
The target overall amount accepted will be determined by Italgas considering the tender maximum amount up to €300,000,000 and in accordance with the terms and conditions of the Tender Offer Memorandum dated 5 February 2021, subject to the applicable offers and distributions' limitations.
The launch notice of the Tender Offers is available on the website of the Luxembourg Stock Exchange at www.bourse.lu
BNP Paribas, J.P. Morgan AG and Unicredit Bank AG are acting as Dealer Managers.
Transaction’s results will be announced to the market in the coming days. Italgas will pay the overall amount by cash.
The transactions are part of Italgas' strategy to optimize its debt structure and extend the financial maturity profile of the Company.