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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).