ENI Completed the Placement of € 1,250 Million 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‘) has completed, as previously announced, the placement of 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 Bonds will have a maturity of 3 years and will pay a coupon of 0.625% per cent per annum, payable annually in arrears. The Bonds will be exchangeable into Snam S.p.A. (“Snam‘) ordinary shares at an exchange price of EUR 4.33 per Snam ordinary share (each a "Share"), representing approximately a 20 per cent premium to the Snam reference price of EUR 3.6113 per Share, Underlying the Bonds are approximately 288.7 million ordinary shares of Snam, corresponding to approximately 8.54% of the currently outstanding share capital of Snam. In line with market practice for equity-linked transactions in Europe, the Bonds were placed with institutional investors outside US, in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act").

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

Eni has agreed not to place any further Shares in the market for a period beginning from today and ending 90 days following the settlement of the Exchangeable Bond Offering.

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

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