ENI Launches an Offer of Bonds Exchangeable Into Ordinary Shares of Snam S.p.a.

Source Press Release
Company ENI S.p.A. 
Tags Strategy - Corporate
Date January 15, 2013

Eni S.p.A. ("Eni") announces an offering of approximately EUR 1,250 million aggregate principal amount of senior unsecured bonds (the "Bonds") exchangeable into ordinary shares of Snam S.p.A. (the "Exchangeable Bond Offering"). The Exchangeable Bond Offering will be executed in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") only.

The Bonds are expected to have a final maturity of 3 years and to pay a coupon of between 0.125 per cent and 0.625 per cent per annum payable annually in arrears. The exchange price will be set at pricing and is expected to be between 20 per cent and 25 per cent above the reference price of Snam S.p.A. ("Snam") ordinary shares.

The Exchangeable Bond Offering has been approved yesterday by Eni’s Board of Directors.

Following pricing, Eni intends to agree not to place any further Snam shares (the "Shares") in the market for a period beginning today and ending 90 days following the settlement of the Exchangeable Bond Offering.

The outcome of the placement and the final terms of the Exchangeable Bond Offering, to be determined after bookbuilding, will be disclosed by Eni as soon as they become available.

Eni intends to apply for admission of the Bonds to trading within 90 days following the settlement date.

Eni will use the proceeds of the Exchangeable Bond Offering for general corporate purposes.

Barclays, Deutsche Bank, Mediobanca – Banca di Credito Finanziario S.p.A. and Morgan Stanley are acting as Joint Bookrunners in the Exchangeable Bond Offering.

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