Milan, March 24, 2017 – Italgas announces that the Board of Directors resolved yesterday to change its 2017 financial calendar.
In particular, the Board of Directors’ Meeting to approve the 2017 First Quarter Report has been rescheduled from May 15, 2017 to May 4, 2017.
A press release will be issued on May 5, 2017 before market opening; the conference call to present Q1 2017 results to institutional investors and financial analysts will take place in the afternoon of the same day.
Category: Press Releases Price Sensitive
Italgas: a fixed rate bond issue successfully launched for a total amount of 650 million euro
NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN
Milan, March 7, 2017 – Today Italgas SpA (rating BBB+ by Fitch, Baa1 by Moody’s) successfully launched a fixed rate note issue, with tenor of 7 years for an amount of 650 million euro under its EMTN Programme (Euro Medium Term Notes) which was approved by the Board of Directors on 18th October, 2016.
The deal showed a final orderbook of more than 1.5 billion euro with high quality and wide geographical diversification of investors.
Joint Bookrunners of the placement were Banca IMI, Barclays, BNP Paribas, Credit Agricole CIB, Citi, ING, J.P. Morgan, Mediobanca, Société Générale e UniCredit.
The bond will be listed on the Luxembourg Stock Exchange.
Today deal almost concludes the capital market exercise announced by Italgas four months ago. The Company has placed bonds totaling 2,150 million euro nominal, with a profile of maturities distributed across 5, 7 and 10 years, increasing the total share of the medium-long term debt to around 80% of the outstanding debt.
“The excellent result of this issue – said Italgas CEO Paolo Gallo – allows us to achieve the targets announced to the markets in terms of average cost, duration and fixed-rate portion of the Company debt. The high quality of the orderbook, the size and the pricing of the transaction confirm the support of the international financial community towards Italgas”.
Details are as follows:
Amount: euro 650 million euro
Maturity: 14 March 2024
Annual coupon of 1.125%. The re-offer price is 99.706 (equivalent to a spread of 75 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.
Italgas: Publication of quarterly financial information
Milan, 26th January, 2017 – In line with the changes to the regulatory framework and taking into account the needs of our stakeholders, Italgas chose to publish voluntary additional periodic financial information to the annual and semi-annual financial report, as previously announced to the market in a press release on 20th December 2016 (Financial calendar).
This choice reflects the company policy of providing regular and transparent information to the market and investors on the Group’s financial performance.
From 2017, the information contained in the quarterly press release issued to the market will cover at least the following indicators:
- Key operational data;
- Total revenues;
- Ebitda;
- Ebit;
- Net profit;
- Investments;
- Free cash flow and change in net debt.
- The press release may contain additional qualitative and quantitative information in order to better explain the evolution of the business.
The quarterly information will be approved by the Board of Directors and disclosed to the public in accordance with the timing provided by the Group’s Financial Calendar.
Changes to Italgas’ calendar of corporate events
Milan, 26th January, 2017 – Italgas announces that today the Board of Directors resolved to change the financial calendar 2017 published on December 20, 2016.
In particulary:
- the Board of Directors’ Meeting to approve the consolidated financial statement at December 31, 2016 and the dividend proposal for 2016 has been postponed from March 20, 2017 to March 23, 2017. Press release will be issued before market opening on the March 24, 2017; the conference call to present 2016 FY results to institutional investors and financial analysts will take place on the afternoon of the same day;
- the date of the Shareholders’ Meeting for the approval of the Financial statements as at December 31, 2016 and the dividend distribution has been postponed from April 27, 2017 to April 28, 2017. A Press release will be issued at the end of Shareholders’ Meeting.
Italgas debuts on the bond market with a dual tranches bond issue for a total of 1.5 bln euro
NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN
Milan, January 12, 2017 – Italgas SpA (rating BBB+ by Fitch, Baa1 by Moody’s) successfully launched today its first two tranches fixed rate bond issue, with tenors of 5 and 10 years, each for an amount of 750 million euro, as part of its EMTN Programme (Euro Medium Term Notes) approved by the Board of Directors on 18th October, 2016.
Joint Bookrunners of the placement were Banca IMI, Barclays, BNP Paribas, Credit Agricole CIB, Citi, ING, J.P. Morgan, Mediobanca, Société Générale and UniCredit.
The transaction, reserved for institutional investors, has achieved resounding success and attracted orders for 4.5 billion euro, 3 times oversubscribed, with high quality and wide diversification of investors.
The bonds will be listed on the Luxembourg Stock Exchange.
“I’m very satisfied with the success of this first bond issue both in terms of interest gathered and satisfying pricing conditions – said Paolo Gallo, Italgas CEO -. The transaction represents an important step in line with the strategy presented to the financial community and allows our company to increase the average duration of its debt thus strengthening its capital structure with an average cost in line with our expectations”.
Details are:
5 year Tranche
Amount: Euro 750 million
Maturity: January 19th, 2022
Annual coupon of 0.50%. The re-offer price is 99.123% (equivalent to a spread of 60 basis points over the reference mid-swap rate).
10 year Tranche
Amount: Euro 750 million
Maturity: January 19th, 2027
Annual coupon of 1.625%. The re-offer price is 99.170% (equivalent to a spread of 105 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
Italgas starts institutional investors meetings to launch its debut transaction on debt capital market
NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN
Milan, 4 January 2017 – Italgas S.p.A. (rated BBB+ by Fitch, Baa1 by Moody’s) has mandated BANCA IMI, BNP PARIBAS, J.P. MORGAN, MEDIOBANCA, SG CIB and UNICREDIT to arrange a series of investor meetings in the main European financial centers commencing on 9th of January, 2017.
A euro denominated fixed rate senior unsecured benchmark transaction of one or more tranches will follow, subject to market conditions evaluation.
The transaction is part of Italgas EMTN Programme (Euro Medium Term Notes) approved by the Board of Directors on 18th October, 2016.
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
Italgas: 2017 financial calendar
Milan, 20 December 2016 – Italgas announces the financial calendar and the dates of the publication of its 2017 financial results as approved by the Board of Directors:
Italgas: 2017 financial calendar 1
* Press release will be issued in the morning (non trading hours). The Conference call for the presentation of results to the financial community will be held in the afternoon on the same day.
** Press release will be issued at the end of Shareholders’ meeting.
The dividend for the 2016 financial year will be paid on May 24, 2017 (ex-dividend date: May 22, 2017- record date: May 23, 2017).
Any amendment to the above calendar will be notified to the market in due time.
Moody’s affirms Baa1 Italgas rating and revises the outlook to negative from stable
Milan, 12 December 2016 – Italgas announced that today, following the recent outlook change to negative from stable on the Italian Government’s long-term rating, Moody’s confirmed Italgas Baa1 long-term rating and changed the outlook to negative from stable.
EIB grants Italgas a 300 million Euro loan under the Juncker Plan
Milan, 29 November 2016 – Italgas and the European Investment Bank (EIB) have signed a 300 million Euro loan agreement for the financing of projects to increase the efficiency of the distribution system and improve the quality of information available to consumers through the “smart meters” system.
This loan is supported by the European Fund for Strategic Investment (EFSI) under the Juncker Plan and represents the major transaction finalized by EIB in Italy in the utilities sector in 2016.
For Italgas this in an important step towards achieving Italgas Group’s target capital structure, as it is complementary to bank loans and characterized by a longer duration at competitive costs.
Italgas group has estimated an overall investment of around 600 million Euro in the period 2017-2020 for the implementation of Gas Smart Metering project developed by subsidiaries Italgas Reti, Napoletanagas and Acam Gas. The project consists of the installation of about 4 million ‘smart meters’ for the residential market and about 20,000 meters for commercial and industrial users, as well as the implementation of information support systems.
The 300 million Euro loan will be at a floating rate and will run for 16 years. This funding is in addition to the 424 million Euro already provided to Italgas by the EIB, making the Group one of the largest Italian counterparties of the Bank.
Snam and Italgas sign the agreements for the demerger of Italgas Reti from Snam
San Donato Milanese, 2 November 2016 – As part of the transaction to transfer the entire shareholding Snam holds in Italgas Reti to Italgas, Snam and Italgas today signed:
- the agreement on the partial and proportional demerger which assigns Italgas a shareholding of 52.90% of Snam’s shareholding in Italgas Reti and consequently allocates to Snam shareholders 86.50% of the capital of Italgas;
- the agreement on Snam’s contribution in kind to benefit Italgas of an equity investment of 8.23% of the share capital of Italgas Reti;
- the agreement on Snam’s sale to Italgas of 98,054,833 Italgas Reti shares, amounting to 38.87% of the share capital of Italgas Reti.
The demerger agreement has been filed today at the Milan Business Register for its necessary registration.
The deeds of the transaction are conditional upon each other, thereby guaranteeing the unitary, substantial simultaneous nature of the individual steps of the transaction. Without prejudice to registration in the Business Register, the effectiveness of the demerger agreement is conditional upon Borsa Italiana issuing authorization for the ordinary shares of Italgas to be listed on the Electronic Share Market and upon CONSOB issuing the equivalence opinion on the Information Document relating to the listing of the ordinary shares of Italgas, pursuant to article 57, subsection 1, letter d) of the Issuer Regulation.
The effects of the demerger, and likewise the start of the trading of Italgas shares on the Electronic Share Market, are due to start on 7 November 2016.
As a result, in compliance with the resolutions of the extraordinary shareholders’ meetings of Snam and Italgas, from the date the demerger comes into effect Italgas shall increase its share capital by a total of 40,000,000.00 euros, with respect to the contribution, and by a total of 961,181,518.44 euros, due to the attribution to Italgas of the Set of Assets Demerged through the issuing of 700,127,659 ordinary shares without par value, to be attributed to Snam shareholders in the ratio of 1 Italgas share for every 5 Snam shares owned.
The demerger will also see Snam’s share capital reduced by 961,181,518.44 euros, without resulting in the cancellation of shares. Therefore Snam’s share capital will amount to 2,735,670,475.56 euros, fully paid in, divided into 3,500,638,294 ordinary shares without par value, while Italgas’ share capital will amount to 1,001,231,518.44, fully paid in, divided into 809,135,502 ordinary shares without par value.
The Information Document will be made available to the public on the Issuer’s website (www.italgas.it), on the Snam website (www.snam.it) as well as at the registered offices of the Issuer in via Carlo Bo 11, Milan, and of Snam, in Piazza Santa Barbara 7, San Donato Milanese (MI), and made available through the authorised storage mechanism called “NIS-Storage” managed by Bit Market Services S.p.A. (www.emarketstorage.com).
Banca IMI S.p.A. and EQUITA SIM S.p.A. will act as Sponsor in relation to the listing of ordinary shares of Italgas S.p.A. on the Mercato Telematico Azionario.