- Received orders from over 300,000 investors for over Euro 10 billion, compared to Euro 1 billion initially offered, then increased to Euro 2 billion to meet the high number of requests.
- The strong demand allowed Eni to close the offer in advance in just 5 days (minimum term set in the Prospectus). After the first day the offer was already fully satisfied with over Euro 2 billion in subscriptions collected.
- Gross annual nominal interest rate set at 4.30%.
According to the company’s website press release on January 23, 2023, Eni S.p.A. (“Eni” or the “Issuer”) announces that the gross annual nominal interest rate of its first sustainability-linked bond dedicated to public in Italy (the “Bond”) has been set at 4.30%.
The offer of the Bond, which was initially expected to end on 3 February, was closed in advance on 20 January thanks to the high demand received from Italian investors.
The overall demand was over Euro 10 billion with requests received from over 300,000 investors. This has been the Italian record for a single tranche corporate bond issue aimed at retail.
The extraordinary success of the offer demonstrates the strong appreciation among Italian investors for the soundness of Eni and its commitment to the energy transition.
Eni CEO Claudio Descalzi commented, "The success of this initiative has been extraordinary and surprising. It has been for us above all a very strong response in terms of trust from the Italian public, and this is the aspect that gives us the greatest satisfaction and strengthens us. So many Italians have believed in what we are doing, both in terms of progressively moving toward decarbonized industrial processes and products, and in terms of ensuring energy security."
The issuance of the bond involved the Country System enabling Italian investors to participate in Eni's economic-financial results while involving all the main Italian banking groups. It further consolidated Eni's position in the Italian market and helped to confirm it among the companies promoting innovation in sustainable finance instruments.
This issuance, the first sustainability-linked bond in the sector addressed to retail investors, further consolidates the link between Eni's financial and sustainability strategies.
Eni introduced the world's first Sustainability-Linked Financing Framework in its industry in 2021, which has been the reference for linking multiple financial instruments to relevant goals of Eni's decarbonization strategy.
The 5-year maturity Bond will be issued on 10 February 2023 for an amount of Euro 2 billion at a price equal to 100% of the nominal value. The Bond will pay a gross annual coupon of 4.30% which will remain unchanged until maturity subject to achievement of the sustainability targets relating to the renewable energy installed capacity and the Net Carbon Footprint Upstream (Scope 1 and 2), as indicated in the Prospectus. If one of the two targets is not achieved, the interest rate related to the coupon payable at maturity (February 10, 2028) will be increased by 0.50%, as described in the Prospectus.
Starting from the issue date, it will be possible to trade the notes on the Mercato Telematico delle Obbligazioni (MOT), organized and managed by Borsa Italiana.
This announcement and the information contained herein does not constitute an offer of the Notes in the United States of America, Canada, Japan, Australia or any other country in which the offer of the Notes is not allowed in the absence of authorization by the competent authorities, nor does it constitute an offer of securities in any other member state of the European Union (the "Other Countries").
This announcement, any part thereof or the distribution thereof may not form the basis of, nor may the same be relied upon with respect to, any investment decision. The Notes have not been, nor will they be, registered under the Securities Act of 1933, as amended, in force in the United States of America (the “Securities Act") nor under the corresponding regulations in force in Canada, Japan, Australia and the Other Countries, and accordingly may not be offered, sold or otherwise delivered, directly or indirectly, in the United States of America, Canada, Japan, Australia or the Other Countries. However, persons who, at the time of acceptance, while resident in Italy, are, pursuant to the U.S. Securities Laws and other applicable local regulations on the subject, "U.S. Persons" or persons resident in Canada, Japan, Australia or the Other Countries, may not participate in the Offer. Copies of this announcement may not be transmitted, disseminated, or otherwise distributed, directly or indirectly, in the United States of America, Canada, Australia, Japan or Other Countries in which the Offer, invitation to offer or promotional activity, relating to the Notes to which the Information relates, is not permitted in the absence of authorization from the competent authorities.
