SNAM holders OK amendments to 12 series of notes ahead of split-off

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – SNAM SpA said bondholders approved amendments to 12 series of notes at a meeting Friday in Milan.

The consent solicitation related to the company’s aim “to separate Snam Group’s gas distribution activities in Italy from its gas transportation, dispatching, regasification and storage activities in Italy and abroad,” the company previously said. At Friday’s meeting, 86.21% of the total notes were represented, with votes representing 99.69% of the principal amount represented at the meeting favoring the proposal.

The voting tally for each series of notes covered under the consent solicitation is as follows:

• For the €999,915,000 of outstanding €1.25 billion 2.375% notes due June 30, 2017, 82.24% of the notes were represented, with $100% support;

• For the €1,200,046,000 of outstanding €1.5 billion 3.875% notes due March 19, 2018, 86.45% of the notes were represented, with 99.82% approval;

• For the €70 million 2.625% notes due Sept. 10, 2018, 100% of the notes were represented, with 100% approval;

• For the €850.05 million of outstanding €1 billion 5% notes due Jan. 18, 2019, 89.85% of the notes were represented, with 99.35% approval;

• For the €500 million 1.5% notes due April 24, 2019, 76.4% of the notes were represented, with 100% approval;

• For the ₯10 billion 1.115% notes due Oct. 25, 2019, 100% of the notes were represented, with 100% approval;

• For the €1.25 billion 3.5% notes due Feb. 13, 2020, 86.4% of the notes were represented, with 99.95% approval;

• For the €500 million 3.375% notes due Jan. 29, 2021, 89.2% of the notes were represented, with 99.04% approval;

• For the €1 billion 5.25% notes due Sept. 19, 2022, 86.93% of the notes were represented, with 98.73% approval;

• For the €750 million 1.5% notes due April 21, 2023, 84.26% of the notes were represented, with 100% approval;

• For the €750 million 1.375% notes due Nov. 19, 2023, 84.46% of the notes were represented, with 100% approval; and

• For the €600 million 3.25% notes due Jan. 22, 2024, 88.9% of the notes were represented, with 100% approval.

The issuer asked 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 was one or more persons representing at least one-fifth of the notes outstanding.

The solicitation agents were 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), 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 was 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.