CDP RETI successfully launches 750 million euro bond issue

Rome, 21 May 2015 h. 19:25 - CDP RETI Spa today successfully closed the placement of a fixed rate bond issue, unsubordinated and unsecured, for a nominal amount of 750 million euros.

The bonds - that will be listed on the Irish Stock Exchange (Main Securities Market) – are addressed to institutional investors, have a 7 year maturity with fixed annual coupon of 1.875% and re-offer price of 99.909%.

The net proceeds from the issue will be used by CDP RETI to reimburse part of the existing indebtedness.

The securities have an expected rating BBB by Fitch and Baa3 by Moody’s.

Orders have been received from around 150 institutional investors for an amount totalling over 2 billion euros, half of which coming from abroad. 45% of the bonds was allocated to insurance companies and mutual fund and the remaining 55% to banks and other investors.

As for the geographical distribution, 65% was allocated in Italy, 21% in England, 8% in France, and the remaining 6% in other countries. The issue was previously marketed through a roadshow in the financial centers of London, Paris and Milan.

Banca IMI, BNP Paribas, HSBC Bank, Mediobanca, Société Générale & Investment Banking and Unicredit acted as Joint Lead Managers.

Italy has been chosen as “home Member State” for the purposes of the information obligations introduced by Transparency Directive (Directive 2004/109/EC). This is communicated pursuant to paragraph 65-decies of Consob Regulation on Issuers (“Regolamento Emittenti”, adopted under resolution No. 11971/1999).

CDP RETI Spa is an investment vehicle whose shares are owned by Cassa Depositi e Prestiti Spa (59.1%), State Grid Europe Limited - State Grid Corporation of China Group - (35%), and by a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the holdings of SNAM (28.98%) and TERNA (29.85%).