Italgas: demand exceeding 2.5 times the offering for the new 750 million euros bond
Milan, April 9, 2025 – Italgas S.p.A. (rated BBB+ by Standard and Poor’s, BBB+ by Fitch, Baa2 by Moody's) today successfully priced a new fixed-rate bond issuance, due 16 April 2032 for an amount of 750 million euros. The transaction recorded orders exceeding 2.5 times the amount offered and was characterized by high quality, geographically diversified institutional investor base.
The bond carries a maturity of 6 years with an annual coupon of 3.625% and a final spread of 78 basis points over the reference rate, in line with fair value.
The issue represents the first transaction executed under Italgas’ EMTN Programme approved by CONSOB in July 2025 and marks the first dematerialized issuance by an Italian corporate with securities governed by English law and listed on the Mercato Telematico delle Obbligazioni (“MOT”), managed by Borsa Italiana S.p.A..
The transaction is intended as pre-funding of financial needs, in line with Italgas' strategy to optimize its debt structure.
The placement, exclusively targeted to institutional investors, was led, as Joint Bookrunners, by BNP Paribas, BofA Securities, Crédit Agricole CIB, IMI-Intesa Sanpaolo, J.P. Morgan, Mediobanca, Société Générale.
Details of the transaction are as follows:
Amount: 750 million euros
Maturity: April 16th, 2032
Annual coupon: 3.625%
Re-offer price: 99.889 (equivalent to a spread of 78 basis points over the reference Mid-Swap rate).