CDP RETI: new 500 million euros bond issue

Rome, 18 October 2022 – Today CDP RETI launched an unsubordinated and unsecured fixed-rate bond for a nominal amount of Euro 500 million. The bond – which will be listed on the regulated market of the Irish Stock Exchange (Euronext Dublin Regulated Market) and reserved for institutional investors – has a tenor of 5 years, annual coupon of 5.875% and issue price equal to 99.57%.

The proceeds of the bond issue will be used by the Company to repay the debt deriving from the two shortterm facility agreements, signed in May 2022 and expiring in May 2023, of which 50% signed with Cassa depositi e prestiti S.p.A. and the remaining 50% signed with a pool of banks.

The bond has an expected rating of BBB from Fitch and Baa3 from Moody’s.

The transaction has received orders of over Euro 800 million from around 70 institutional investors.

The issue was preceded by a virtual roadshow. Bank of China, BNP Paribas, Crédit Agricole CIB, HSBC, IMI-Intesa Sanpaolo, Mediobanca and UniCredit acted as Joint Lead Managers of the transaction.

Italy was chosen as the “Member State of origin” for the purposes of the disclosure requirements introduced by the Transparency Directive (Directive 2004/109/EC). This communication is made pursuant to Article 65-decies of Consob Issuers’ Regulation (adopted with resolution no. 11971/1999).

CDP RETI SpA is an investment vehicle owned by Cassa depositi e prestiti SpA (59.1%), State Grid Europe Limited, State Grid Corporation of China group (35%), and a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the equity investments in SNAM (31.35%), TERNA (29.85%) and ITALGAS (26.01%).