Acea’s Successful Completion of €500 Million Bond Issue
Following the resolution of the Board of Directors of 6th May 2019 and the completion of the book-building process, Acea S.p.A has successfully completed the placement of a non-convertible bond for a total principal amount of €500 million, maturing on 23rd May 2028 and at a rate of 1.750%, as part of the Euro Medium Term Notes (EMTN) Programme for Euro 3,000,000,000, under the Base Prospectus as last amended on 18th July 2018 and subsequently supplemented on 15th May 2019 (the "Notes").
The Notes were placed solely with institutional investors. The issue of Notes was received very well, with a request of 3.75 times the amount of Notes offered, from high-quality investors and with broad geographical diversification.
The Notes have a minimum denomination of €100,000 and were placed at an issue price of 98.794 %, with a yield of 1.897%. They are governed by English law and the settlement date is 23rd May 2019. As of that date, the bonds will be traded on the regulated market of the Luxembourg Stock Exchange, where the relevant prospectus for the EMTN Programme has been filed.
The proceeds of the Notes will be used to finance ordinary business activities of the company, as well as to support the investments provided for in the business plan for the two-year period 2019-2020.
The placement was carried out by Banca IMI S.p.A., Barclays Bank Plc, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, MPS Capital Services Banca per le Imprese S.p.A., Société Générale, UBI Banca and UniCredit Bank AG acting as Joint Bookrunners.
Acea’s counsel was the legal firm of White & Case and Foglia & Partners (tax matters), while Clifford Chance advised the Arrangers.