Snam begins capped tender offers for six euro-denominated note series

By Marisa Wong

Los Angeles, Jan. 10 – Snam SpA is inviting holders of six series of notes to tender their notes for purchase for cash, up to a maximum acceptance amount.

The following notes are included in the offer:

• €750 million 1.5% notes due April 21, 2023 (ISIN: XS1126183760), €190,133,000 of which is outstanding, with pricing to be based on a purchase yield of negative 0.45%;

• €900 million 1% notes due Sept. 18, 2023 (ISIN: XS1881004730) with a first call date on June 18, 2023, €521,687,000 of which is outstanding, with pricing to be based on a purchase yield of negative 0.4%;

• €750 million 1.375% notes due Nov. 19, 2023 (ISIN: XS1318709497), €167,396,000 of which is outstanding, with pricing to be based on a purchase yield of negative 0.4%;

• €600 million 3.25% notes due Jan. 22, 2024 (ISIN: XS1019326641), €384,734,000 of which is outstanding, with pricing to be based on a purchase yield of negative 0.4%;

• €500 million 1.25% notes due Jan. 25, 2025 (ISIN: XS1555402145), €338,648,000 of which is outstanding, with pricing to be based on a purchase yield of negative 0.2%; and

• €650 million 1.375% notes due Oct. 25, 2027 (ISIN: XS1700721464) with a first call date on July 25, 2027, all of which is outstanding, with pricing to be based on the October 2027 notes interpolated mid-swap rate and a purchase spread of 10 basis points.

The company will also pay accrued interest for notes accepted for purchase.

The company said it may accept significantly more or less (or none) of any series compared to the other series. Tendered notes may also be subject to proration if the tender cap is exceeded.

The offers expire at 11 a.m. ET on Jan. 14 and are expected to settle on Jan. 20.

SNAM expects to announce the maximum acceptance amount and pricing on Jan. 17.

The tender offers are conditioned on pricing of an offering of new notes. The company will also announce on Jan. 17 whether the new notes condition has been met.

Holders who tender existing notes and wish to subscribe for new notes may receive priority in allocation of the new notes.

Barclays Bank Ireland plc (+44 20 3134 8515, eu.lm@barclays.com), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (+49 69 7532 1615, liabilitymanagement.eu@gs.com) and J.P. Morgan AG (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) are the dealer managers for the tender offers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, snam@lucid-

is.com) is the tender agent.

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

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