By Rebecca Melvin
New York, Jan. 15 - Eni SpA launched and priced Tuesday an offering of €1.25 billion three-year senior unsecured bonds exchangeable into ordinary shares of subsidiary Snam SpA to yield 0.625% with an initial conversion premium of 20%, according to a company news release.
The Regulation S deal came at the cheap end of talk, which was for a coupon of between 0.125% and 0.625% and with an initial conversion premium of 20% to 25%.
The shares will be exchangeable into Snam ordinary shares at an exchange price of €4.33 per share.
Barclays, Deutsche Bank, Mediobanca - Banca di Creditor Finanziario SpA and Morgan Stanley were the joint bookrunners of the new paper.
Proceeds will be used for general corporate purposes, and Eni plans to apply to list the bonds.
Based in Rome, Italy, Eni is an oil and gas company.
Snam is an Italian natural gas infrastructure company.
| Issuer: | Eni SpA
|
| Issue: | Exchangeable bonds
|
| Exchangeable entity: | Snam SpA
|
| Amount: | €1.25 billion
|
| Maturity: | 2016
|
| Bookrunners: | Barclays, Deutsche Bank, Mediobanca - Banca di Creditor Finanziario SpA and Morgan Stanley
|
| Coupon: | 0.625%
|
| Price: | Par
|
| Yield: | 0.625%
|
| Initial exchange price: | €4.33 per share 5
|
| Initial exchange premium: | 20%
|
| Price talk: | 0.125%-0.625%, up 20%-25%
|
| Pricing date: | Jan. 15
|
| Reference stock price: | €3.6113
|
| Distribution: | Regulation S
|
| Market capitalization: | €70 billion
|
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