SNAM holders tender €607.12 million of eight note issues in offer via BNP; pricing set

By Susanna Moon

Chicago, Oct. 18 – SNAM SpA holders had tendered €607,124,000 of eight series of notes in the offer that ended at 11 a.m. ET on Oct. 17 being held by BNP Paribas SA.

BNP Paribas plans to accept all of the tendered notes without proration, according to an update on Wednesday.

BNP said on Oct. 10 that it planned to put a cap on the offer and to prioritize the April 2019 notes, the April 2023 notes and the November 2023 notes.

Investors had tendered the following amount of notes with pricing set at 8 a.m. ET on Oct. 18:

• €39,785,000 of the €265,309,000 outstanding 1.5% notes due April 24, 2019 with a purchase price of 102.573% and €225,524,000 outstanding after settlement;

• €130,459,000 of the €638,185,000 outstanding 1.5% notes due April 21, 2023 with a purchase price of 106.673% based on a reference rate of 0.276% and purchase yield of 0.2760%, and €507,726,000 outstanding after settlement;

• €201,215,000 of the €592,152,000 outstanding 1.375% notes due Nov. 19, 2023 with a purchase price of 105.500% based on a reference rate of 0.356% and purchase yield of 0.4560%, and €390,937,000 outstanding after settlement;

• €63,349,000 of the €582,523,000 outstanding 5% notes due Jan. 18, 2019 with a purchase price of 106.498% and €519,174,000 outstanding after settlement;

• €82,918,000 of the €715,939,000 outstanding 3.5% notes due Feb. 13, 2020 with a purchase price of 108.358% and €633,021,000 outstanding after settlement;

• €28,351,000 of the €331,941,000 outstanding 3.375% notes due Jan. 29, 2021 with a purchase price of 111.059% and €303,590,000 outstanding after settlement;

• €48.17 million of the €740,713,000 outstanding 5.25% notes due Sept. 19, 2022 with a purchase price of 124.703% based on a reference rate of 0.195% and purchase yield of 0.1950%, and €692,543,000 outstanding after settlement; and

• €12,877,000 of the €426,467,000 outstanding 3.25% notes due Jan. 22, 2024 with a purchase price of 117.034% based on a reference rate of 0.38% and purchase yield of 0.48%, and €413.59 million outstanding after settlement.

For the April 2019 notes, the January 2019 notes, the 2020 notes and the 2021 notes, pricing was set using a purchase yield of negative 0.2%, negative 0.2%, negative 0.1% and zero, respectively.

For the remainder, pricing was set using a yield of a purchase spread and the interpolated reference rate. The purchase spread is zero basis points for the April 2023 notes, 10 bps for the November 2023 notes, zero bps for the 2022 notes, 10 bps for the 2024 notes.

Holders also will receive accrued interest.

SNAM plans to issue a series of new euro-denominated notes, BNP Paribas previously noted.

The dealer managers for the tender offer are Banca IMI SpA (+39 02 7261 5938 or Liability.Management@bancaimi.com), Barclays Bank plc (44 20 3134 8515 or eu.lm@barclays.com), BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.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 snam@lucid-is.com).

SNAM is a natural gas infrastructure company based in San Donato Milanese, Italy. BNP Paribas is a financial services company based in Paris.

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