NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN
Milan, 10 December 2019 – The Tender Offers launched by Italgas S.p.A. (rating BBB+ by Fitch, Baa2 by Moody's) terminated with extremely positive outcome, having registered a percentage of attendance higher than 60% for Notes due January 2022 and higher than 25% for Notes due March 2024. Overall, notes repurchased amount to nominal €650,695,000.
Thanks to this transaction, which represents the first Liability Management exercise carried out by Italgas and follows the €500,000,000 bond issue due December 2031 launched on last 2 December, the Company continues to pursue its strategy of optimising its debt structure, reducing the refinancing risk and extending, at the same time, the average maturity of its debt.
Based on the terms and conditions defined in the Tender Offer Memorandum dated 2 December 2019, below are the detailed results of the Tender Offers:
- €750,000,000 0.500 per cent. Notes due 19 January 2022, outstanding for the total amount (XS1551917245) purchased for a total nominal amount of €481,640,000. Upon completion of the transaction, the notes still outstanding will be in nominal amount equal to €268,360,000;
- €650,000,000 1.125 per cent. Notes due 14 March 2024, outstanding for the total amount (XS1578294081) purchased for a total nominal amount of €169,055,000. Upon completion of the transaction, the notes still outstanding will be in nominal amount equal to €480,945,000.
The results of the Tender Offers are available on the website of the Luxembourg Stock Exchange at www.bourse.lu.
As per the terms and conditions defined in the Tender Offer Memorandum, Italgas will pay the overall amount by cash tomorrow, 11 December 2019.
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States, in Australia, Canada and Japan and in any jurisdiction in which such offer or sale would be unlawful and is not for publication or distribution in any such jurisdictions.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 2, letter (d) of Regulation (EU) 2017/1129. The documentation relating to
the offer has not been/will not be submitted to the approval of CONSOB.