(Alliance News) - Snam Spa announced on Wednesday the successful placement of green bonds exchangeable for a total amount of EUR500 million, maturing in 2031 and convertible into ordinary shares of Italgas Spa.
Additionally, the blue chip company reported the outcome of its tender offer aimed at repurchasing its own 3.25% bonds worth EUR500 million, maturing in 2028.
The transaction allows Snam to retain the benefits of its stake in Italgas while limiting potential dilution, improving financial flexibility, and broadening its investor base, as commented by CFO Luca Passa.
The new bonds, carrying a fixed annual coupon of 1.75% and a five-year maturity, will be issued on January 14 and redeemed at par value at maturity, unless converted or redeemed early. The proceeds will be allocated to financing eligible projects in line with Snam's Sustainable Finance Framework.
In parallel, Snam received acceptances to repurchase 98.9% of its outstanding 2028 bonds, with settlement scheduled for January 14. The repurchased bonds will be cancelled, and having exceeded the 85% threshold, Snam intends to proceed with the early redemption of all remaining bonds.
BNP Paribas, Goldman Sachs International, and JPMorgan acted as structuring banks, together with BofA Securities, Intesa Sanpaolo, and UniCredit as joint global coordinators and joint bookrunners.
Snam shares closed Wednesday up 2.5% at EUR5.82 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2026 Alliance News IS Italian Service Ltd. All rights reserved.
