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Today 2i Rete Gas S.p.A. (the “Company”) has launched a new issue of notes under its €4,000,000,000 Euro Medium Term Notes programme, last updated on 26 May 2023 with the approval by the Central Bank of Ireland of the relevant base prospectus, for an aggregate principal amount of Euro 550 million, to be placed exclusively with qualified investors.
The net proceeds of the notes will be used for general corporate purposes including early refinancing of a portion of the Company’s “€600,000,000 3.00 per cent. Notes due 16 July 2024” (ISIN Code: XS1088274672) which were the target of the tender offer launched today by the Company that is subject to, inter alia, the settlement of the new notes.
The notes will have the following terms: Euro 550 million in principal amount due in June 2033, issue price of 99.145% of the nominal amount, 145 bps spread over the Euro mid-swap rate and coupon of 4.375%.
The settlement date is expected to be on 6 June 2023, subject to the signing of the relevant contractual documentation and the satisfaction of conditions precedent.
The notes will have a minimum denomination of Euro 100,000, will be listed on the regulated market Euronext Dublin and will be governed by English law.
It is expected that Moody’s and Standard & Poor’s will assign a rating to the notes.
The placement of the notes was managed by Barclays, BNP Paribas, BofA Securities, Goldman Sachs International, Intesa Sanpaolo S.p.A. (Divisione IMI CIB), JP Morgan, Mediobanca, Morgan Stanley, Société Générale and UniCredit, as joint bookrunners. Legance – Avvocati Associati provided assistance to the Company while the joint lead bookrunners were assisted by Simmons & Simmons.