SNAM launches one-week tender offers for eight series of notes

By Taylor Fox

New York, Nov. 30 – SNAM SpA began tender offers for eight series of its notes, according to an announcement.

The offers are subject to an overall cap that the company will determine at its discretion. Notes may be subject to proration.

The following notes are covered by the tender offers:

• €300 million floating-rate notes due February 2022 (ISIN: XS1568906421), all €300 million of which is outstanding, for a purchase price of €1,007.65 per €1,000 of notes;

• €1 billion 5.25% notes due Sept. 19, 2022 (ISIN: XS0829190585), of which €601.79 million is outstanding, for a purchase price based on a purchase yield of negative 0.55%;

• €750 million 1.5% notes due April 21, 2023 (ISIN: XS1126183760) of which €246,284,000 is outstanding, for a purchase price based on a purchase yield of negative 0.5%;

• €900 million 1% notes due Sept. 18, 2023 (ISIN: XS1881004730), of which €595,582,000 is outstanding, for a purchase price based on a purchase yield of negative 0.45%;

• €750 million 1.375% notes due Nov. 19, 2023 (ISIN: XS1318709497), of which €195,204,000 is outstanding, for a purchase price based on a purchase yield of negative 0.45%;

• €600 million 3.25% notes due Jan. 22, 2024 (ISIN: XS1019326641), of which €389,854,000 is outstanding, for a purchase price based on a purchase yield of negative 0.45%;

• €350 million floating-rate notes due Aug. 2, 2024 (ISIN: XS1657785538), all of which is outstanding, for a purchase price of €1,013.07 per €1,000 of notes; and

• €500 million 1.25% notes due Jan. 25, 2025 (ISIN: XS1555402145), of which €392,447,000 million is outstanding, for a purchase price based on a purchase yield of negative 0.35%.

SNAM will also pay interest on each series of notes.

The offers will expire at 11 a.m. ET Dec. 4.

The settlement date is expected to be Dec. 9.

SNAM said the transaction is consistent with its optimizing of its debt structure and cost of capital.

SNAM also intends to issue, subject to market conditions, a new series of euro-denominated fixed-rate notes under its €11 billion euro medium-term note program. The offers are not conditioned on the issue and settlement of the new notes.

The dealer managers are BNP Paribas (+33 01 5577 7894 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 207 986 8968 or liabilitymanagement.europe@citi.com), Barclays Bank Ireland plc (eu.lm@barclays.com), Intesa Sanpaolo Spa (+39 0272 612726; mi-Liability.Management@intesasanpaolo.com), Morgan Stanley & Co. International plc (+44 2076 775040; liabilitymanagementeurope@morganstanley.com) and UniCredit Bank AG (+49 89 378-3318825 or liability.management@unicredit.de).

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

SNAM is a natural gas infrastructure company based in San Donato Milanese, Italy.

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