Italy’s 2i Rete Gas takes in tenders for €225 million of 1.75% notes

By Susanna Moon

Chicago, Jan. 18 – 2i Rete Gas SpA said investors had tendered €348,887,000 of its €750 million 1.75% notes due July 16, 2019 in the capped offer for two series of notes that began Jan. 10.

2i Rete will accept tenders for €225,001,000 of the 1.75% notes using a proration factor of 67.4667%, according to the company’s non-binding indicative results announced Wednesday.

Pricing was scheduled for 5 a.m. ET on Wednesday, and settlement is expected to follow on Jan. 24.

The company was tendering for up to €225 million of its 1.75% notes and its €540 million 1.125% notes due Jan. 2, 2020, according to the company announcement.

Because the offer was oversubscribed, none of the tendered 1.125% notes will be accepted for purchase.

The structuring advisors and dealer managers are Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com) and Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or 2iretegas@lucid-is.com).

2i Rete distributes natural gas in Italy and is based in Milan.

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