CDP RETI: successfully completed the placement of Euro 600 million bond issuance, with orders worth 2.7 billion

Demand from approximately 180 investors exceeded the offer by 4.5 times

The issuance was marked by high quality and broad geographical diversification of investors

Rome, 28 August 2024 h. 20:13 – CDP RETI S.p.A. (“CDP RETI”) has successfully completed the placement of a fixed-rate senior unsecured bond issuance reserved for institutional investors, with a nominal value of Euro 600 million.

The issuance garnered strong market interest, receiving orders from approximately 180 investors for over Euro 2.7 billion, with the supply 4.5 times oversubscribed. The final allocation included 60% of international investors, particularly from France (19%), United Kingdom (15%) and Germany (11%), with the remaining 40% coming from Italian investors. This outcome has allowed CDP RETI to enhance the geographical diversification of its investor base, further consolidating its presence in the capital markets.

The proceeds from the transaction will be used by CDP RETI to partially repay the financial indebtedness deriving from the outstanding facility agreements, maturing in May 2025.

The bond, which has a 7-year maturity and carries an annual coupon of 3.875%, with an issue price of 98.874%, will be listed on the regulated market of the Irish Stock Exchange (Euronext Dublin Regulated Market).

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

Bank of China, BNP Paribas, Crédit Agricole CIB, HSBC, IMI-Intesa Sanpaolo, Mediobanca, and UniCredit acted as Joint Lead Managers for the transaction.

CDP RETI S.p.A. is an investment vehicle owned by Cassa Depositi e Prestiti S.p.A. (59.1%), State Grid Europe Limited, State Grid Corporation of China group (35.0%), and a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the equity investments in SNAM (31.4%), TERNA (29.9%) and ITALGAS (26.0%).