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SNAM asks holders to amend 12 series of notes ahead of split-off
By Susanna Moon
Chicago, Aug. 30 SNAM SpA set a bondholder meeting for Sept. 30 in Milan to approve amendments to 12 series of notes.
The consent solicitation is related to the companys aim to separate Snam Groups gas distribution activities in Italy from its gas transportation, dispatching, regasification and storage activities in Italy and abroad, according to an announcement.
Covered by the consent solicitation are the following series of notes:
999,915,000 of outstanding 1.25 billion 2.375% notes due June 30, 2017;
1,200,046,000 of outstanding 1.5 billion 3.875% notes due March 19, 2018;
70 million 2.625% notes due Sept. 10, 2018;
850.05 million of outstanding 1 billion 5% notes due Jan. 18, 2019;
500 million 1.5% notes due April 24, 2019;
₯10 billion 1.115% notes due Oct. 25, 2019;
1.25 billion 3.5% notes due Feb. 13, 2020;
500 million 3.375% notes due Jan. 29, 2021;
1 billion 5.25% notes due Sept. 19, 2022;
750 million 1.5% notes due April 21, 2023;
750 million 1.375% notes due Nov. 19, 2023; and
600 million 3.25% notes due Jan. 22, 2024.
The issuer is asking holders to give their consent to the proposals to make sure no event of default will arise as a result of the transaction.
The consent fee will be 0.25% of par, to be paid in two equal installments.
The quorum required for the meeting is one or more persons representing at least one fifth of the notes outstanding.
For more information, contact solicitation agents BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) or J.P. Morgan Securities plc (+44 20 7134 2468 or EMEA_LM@jpmorgan.com) and Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com).
The tabulation agent is Citibank, NA, London Branch (+44 20 7508 3867, Exchange.gats@citi.com or https://debtxportal.issuerservices.citigroup.com). The paying agent is BNP Paribas Securities Services, Luxembourg Branch (+352 2696 2389 or lux.ostdomiciliees@bnpparibas.com).
SNAM is a natural gas infrastructure company based in San Donato Milanese, Italy.
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