Rome, September 11th, 2012 Today, the Board of Directors of Enel SpA (Enel), meeting under the chairmanship of Paolo Andrea Colombo, approved the issue of one or more bonds by December 31st, 2013, for a total of up to 5 billion euros. The issues form part of the strategy to extend the average maturity of the Groups consolidated debt and to optimize the profile of its medium and long-term maturities.
The bonds could be placed with institutional or retail investors, depending upon the opportunities presented by the market.
The bonds may be issued directly by Enel or by its Dutch subsidiary Enel Finance International NV (guaranteed by the Parent Company), depending upon the opportunities this second option may present for placement of the bonds on foreign markets.
The Board of Directors also delegated to the CEO the task of allocating the bond issues between the two companies indicated above and setting the amounts, currencies, timing and characteristics of the individual issues, with the option of seeking their listing on one or more regulated markets.
At the same time, the Board of Directors also revoked its resolution of November 9th, 2011, authorizing the issue of one or more bonds by December 31st, 2012, for a total of up to 5 billion euros, to be placed with institutional or retail investors. The revocation did not affect the validity and the effects of the issues carried out and the guarantees granted in execution of that resolution.
In execution of the Board resolution of November 9th, 2011, Enel and its subsidiary Enel Finance International NV (guaranteed by the Parent Company), have carried out the following issues:
- in September 2012, a bond placed with institutional investors with a nominal value totalling 1 billion euros, with a maturity of 7.5 years and paying a fixed rate of 4.875%;
- in February 2012, a 6-year bond placed with retail investors with a total nominal value of 3 billion euros, divided into a tranche of 2.5 billion euros paying a fixed rate of 4.875% and a tranche of 500 million euros paying a floating rate of 6-month Euribor plus a spread of 310 basis points;
- in January and February 2012, seven private placements with institutional investors with a total nominal value of 632 million euros, with an average weighted maturity of about 13.5 years and paying an annual average rate of about 6%.
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