BAKU, Azerbaijan, Feb.9
By Leman Zeynalova – Trend:
Italy’s Snam S.p.A. has launched its third Transition bond, Trend reports citing the company.
The amount of the bond is 500 million euros with maturity of 15 August 2025.
The proceeds of both the issuances will be used to finance Eligible Projects, as defined in Snam's Transition Bond Framework published on 9 June 2020.
This issuance combined on both tranches, which was reserved to institutional investors, was more than three times oversubscribed by high quality and a geographically diversified set of institutional investors.
Features of the transactions are as follow:
Amount: 500 million euros
Maturity: 15 August 2025
Annual coupon of 0%, reoffer price 100.198% (equivalent to a spread of 37bps over the reference mid swap rate)
Amount: 250 million euros
Maturity: 17 June 2030 (bond tap)
Annual coupon of 0.75%, reoffer price 103.545% (equivalent to a spread of 50bps over the reference mid swap rate)
Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian listed companies in terms of market capitalization. The company’s sustainable and technologically advanced network guarantees security of supply and promotes development in the territories, while also contributing to promote the energy transition. As well as in Italy, it operates, through its international subsidiaries, in Albania (AGSCo), Austria (TAG, GCA), China (Snam Gas & Energy Services Beijing), United Arab Emirates (ADNOC Gas Pipelines), France (Teréga), Greece (DESFA) and the United Kingdom (Interconnector UK). Snam is also one of the main shareholders of TAP (Trans Adriatic Pipeline), the final section of the Southern Energy Corridor.
Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.
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