Enel

Capital/Financing Update • May 23, 2017

Informazione Regolamentata n. 0116-56-2017		Data/Ora Ricezione 23 Maggio 2017 00:14:05	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	89933
Nome utilizzatore	:	ENELN05 - Giannetti
Tipologia	:	2.2
Data/Ora Ricezione	:	23 Maggio 2017 00:14:05
Data/Ora Inizio Diffusione presunta	:	23 Maggio 2017 00:14:06
Oggetto	:	Enel Finance International places biggest ever US bond backed by an Italian corporate totalling 5 billion US dollars
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DISCLAIMER

This announcement does not constitute or form part of any offer to sell or a solicitation of an offer to buy any securities in the U.S. or any other jurisdiction. This announcement does not constitute a prospectus or other offering document. No securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the U.S. or any other jurisdiction. No securities may be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or other securities laws. No public offering is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited or where such offer would be unlawful. The distribution of this announcement may be restricted by applicable laws and regulations. Persons who are physically located in those jurisdictions and in which this announcement is circulated, published or distributed must inform themselves about and observe such restrictions.

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ENEL FINANCE INTERNATIONAL PLACES BIGGEST EVER US BOND BACKED BY AN ITALIAN CORPORATE TOTALLING 5 BILLION US DOLLARS

• Total orders for more than 17 billion US dollars covered the book around 3 ½ times
• Investor appetite reflects appreciation for the Enel Group's financial results and its solid capital structure

Rome, May 23rd, 2017 - Enel Finance International N.V. ("EFI"), a finance subsidiary of Enel S.p.A. ("Enel") serving the Enel Group, launched a multi-tranche bond issue offered on the US and international markets for institutional investors for a total of 5 billion US dollars ("USD"), the equivalent of about 4.5 billion euros. The issuance, which is guaranteed by Enel, was oversubscribed around 3.5 times, attracting orders exceeding 17 billion USD.

The issuance is the biggest ever US bond backed by an Italian corporate.

Francesco Starace, Enel CEO and General Manager, commented: "We are extremely pleased with the level of confidence that the market has signalled towards Enel with 17 billion US dollars of orders booked by over 400 US and international investors. The appetite for the bond underscores the appreciation of the market for our financial results and solid capital structure."

The offering is part of the bond issuances of up to 7 billion euros announced on April 12th, 2017, and is part of the strategy for the Enel Group's financing, as well as refinancing the Group's maturing consolidated debt.

The transaction is structured in the following tranches:

• 2,000 million USD at a fixed rate of 2.875% maturing in 2022;
• 2,000 million USD at a fixed rate of 3.625% maturing in 2027; and
• 1,000 million USD at a fixed rate of 4.750% maturing in 2047.

In view of their characteristics, the above tranches have been assigned a provisional rating of BBB by Standard & Poor's, Baa2 by Moody's and BBB+ by Fitch.

Enel's rating is BBB (positive) for Standard & Poor's, Baa2 (stable) for Moody's and BBB+ (stable) for Fitch.