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Snam Capital/Financing Update 2024
4042_rns_2024-02-12_4d69324f-acb9-4a62-81db-799c9db62d48.pdf
Capital/Financing Update
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| Informazione Regolamentata n. 0542-6-2024 |
Data/Ora Inizio Diffusione 12 Febbraio 2024 19:29:23 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | SNAM | |
| Identificativo Informazione Regolamentata |
: | 186227 | |
| Utenza - Referente | : | SNAMN05 - Pezzoli | |
| Tipologia | : | 3.1 | |
| Data/Ora Ricezione | : | 12 Febbraio 2024 19:29:23 | |
| Data/Ora Inizio Diffusione | : | 12 Febbraio 2024 19:29:23 | |
| Oggetto | : | Snam: successfully launched 1.5 billion euros sustainable financing, in dual tranche |
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| Testo del comunicato |
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NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, CANADA AND JAPAN
Snam: successfully launched 1.5 billion euros sustainable financing, in dual tranche, the first Green Bond for 500 million euros and a Sustainability-Linked Bond (SLB) for 1 billion euros
The overall peak of demand on both tranches reached more than 4 times the offer
San Donato Milanese (MI), February 12th 2024 – Snam S.p.A. (rated Baa2 by Moody's, BBB+ by S&P, and BBB+ by Fitch) has today successfully concluded the issuance of bonds in dual tranches within the framework of the Sustainable Finance Framework published in recent days, with ISS Corporate as Second Party Opinion (SPO). Specifically, with this operation, Snam has issued its first Green Bond for the financing of Eligible Green Projects aligned with the European taxonomy and its first Sustainability-Linked Bond linked to the target for reducing scope 3 emissions, as well as the target for reducing scope 1 and 2 emissions.
"Following the strategic plan presentation at the end of January and the recent Sustainable Finance Framework update publication, we have successfully placed the first Green Bond with investments aligned with the European taxonomy and the first Sustainability-Linked Bond linked to scope 3 emissions. Our significant commitment to reducing CO2 emissions is also recognized by the Net Zero Assessment obtained from Moody's, the first globally, certifying the Snam decarbonization trajectory alignment to the Paris Agreement. Today's transaction saw a peak in total demand exceeding 6 billion euros and represents a further step in our financial strategy to cover the investment plan announced last January, towards the 85% target of sustainable finance," commented Snam's CFO Luca Passa.
Below the features of the dual tranche:
Green Bond tranche for financing green projects aligned with the European Taxonomy
Amount: 500 million euros
Maturity: 19 February 2028
Annual coupon of 3.375%. The reoffer price is 99.596% (equivalent to a spread of 70 bps over the reference mid swap rate).
Snam Press Office T+ 39 02.37037273 [email protected]
Tranche Sustainability-Linked Bond with coupon linked to the achievement of emission reduction target Scope 1&2 by 2030 and a premium at maturity subject to the achievement of the emission reduction target Scope 3 by 2032
Amount: 1 billion euros
Maturity: 19 February 2034
Annual coupon of 3.875%. The reoffer price is 99.504% (equivalent to a spread of 120 bps over the reference mid swap rate).
The transaction is in line with Snam's commitment to give to sustainability a key role in its strategy which includes, among others, a carbon neutrality target by 2040 and the further development of its energy transition businesses. Through today's issuance, Snam will make a further step towards its new target to obtain 85% of its funding through sustainable finance instruments by 2027, after having already reached the target of 80% previously set for 2026.
Details on the Sustainable Finance Framework are available on the company website: https://www.snam.it/content/dam/snam/pages-attachments/it/investorrelations/documents/sustainablefinance/2024/Sustainable\_Finance\_Framework\_2024.pdf.
The notes are issued under Snam's 13 billion euros EMTN (Euro Medium Term Note) programme whose renewal was last approved by the Board of Directors on 11 October 2023 and will be listed on the Luxembourg Stock Exchange.
Joint Bookrunners of the placement are Barclays, BNP Paribas, BofA Securities, Goldman Sachs International, ICBC, IMI-Intesa Sanpaolo, ING, JP Morgan, Mediobanca, Mizuho, SMBC, Société Générale, UniCredit. Barclays and BNP Paribas have also acted as ESG Structuring Coordinators
DISCLAIMER
This announcement (and the information contained therein) does not constitute or form part of any offer to sell nor a solicitation of any offer to buy any securities nor shall there be any offer of securities in any jurisdiction in which such offer or sale would be unlawful. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement does not constitute an offer of securities for sale in the United States, Canada and Japan and in any jurisdiction in which such offer or sale would be unlawful and is not for publication or distribution in any such jurisdictions. The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement is not a public offer of financial products in Italy as per Article 2, letter (d), of Regulation (EU) 2017/1129. The documentation relating to the offer has not been/will not be submitted to the approval of CONSOB.
