Snam accepts €350.03 million of tendered notes, announces pricing

By Wendy Van Sickle

Columbus, Ohio, Jan. 18 – Snam SpA gave the final results and pricing of its maximum cash tender offers for six series of notes, according to a notice.

The company said it accepted at total of €350,028,000 under the offers, which were announced on Jan. 10.

The company accepted the following tenders at the purchase prices listed per €1,000 principal amount:

• €50,724,000 tenders received and €35,294,000 tenders accepted at a proration factor of 70% of its €750 million 1.5% notes due April 21, 2023 (ISIN: XS1126183760), €190,133,000 of which is outstanding, for €1,024.49, based on a purchase yield of negative 0.45%;

• €144,199,000 tenders received and €98,631,000 tenders accepted at a proration factor of 69.5% of its €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, for €1,019.81, based on a purchase yield of negative 0.4%;

• €32,219,000 tenders received and €27,215,000 tenders accepted at a proration factor of 85.13% of its €750 million 1.375% notes due Nov. 19, 2023 (ISIN: XS1318709497), €167,396,000 of which is outstanding, for €1,032.67 based on a purchase yield of negative 0.4%;

• €19,525,000 tenders received and accepted of the €600 million 3.25% notes due Jan. 22, 2024 (ISIN: XS1019326641), €384,734,000 of which is outstanding, for €1,073.64 based on a purchase yield of negative 0.4%;

• €110,807,000 tenders received and €71,832,000 tenders accepted at a proration factor of 65.5% of its €500 million 1.25% notes due Jan. 25, 2025 (ISIN: XS1555402145), €338,648,000 of which is outstanding, for €1,043.87 based on a purchase yield of negative 0.2%; and

• €154,729,000 tenders received and €97,531,000 tenders accepted at a proration factor of 65% of its €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, for €1,064.71 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 offers expired at 11 a.m. ET on Jan. 14 and are expected to settle on Jan. 20.

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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