Board authorises new bond issue of up to 1 billion euros to serve exchange offers for existing bonds
Rome, January 26th, 2015 The Board of Directors of Enel SpA (Enel), chaired by Patrizia Grieco, today acknowledged the resignation of Luigi Ferraris as head of the Latin America region effective as from January 29th, and the appointment, decided by the Chief Executive Officer, of Luca DAgnese as the new head of that region, as well as Roberto Deambrogio as the new head of Eastern Europe operations.
Francesco Starace CEO and General Manager of the Enel Group commented: Luca DAgnese has extensive experience in the industry and has been a top performer as head of the Eastern Europe division, kicking off the asset disposal process in that region. Roberto Deambrogio knows the Eastern European markets very well, having headed our renewable operations in those geographies. The appointment of these two executives, with broad experience and a thorough understanding of our business in these important markets, is testimony to the deep pool of management talent available within the Group.
The Board of Directors also authorised one or more new bond issues, to be carried out by December 31st, 2015, with a total maximum principal amount of to up to 1 billion euros.
The authorisation is intended to allow Enel to make new bond issues to serve any exchange offers for bonds previously issued by the Company under the Global Medium Term Notes Programme, in order to optimise the Enel Groups capital and financial structure and to permit it to seize any opportunities that may arise in international financial markets.
The Board of Directors also delegated to the Chief Executive Officer the responsibility for implementing any exchange offers and the associated new bond issues, specifying the characteristics, terms and conditions for such issues, as well as the relative placement procedures and the market in which they could be placed, if any.
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Brief profiles of the two new executives follow.
Graduated from the Scuola Normale Superiore of Pisa in 1986 with a degree in Physics, he also obtained a MBA at Insead business school and started his career at Hewlett Packard. In 1988 he moved to McKinsey & Company, where in 1996 he became partner of the Italian office. From 2003 to 2005 he was CEO of Italys national grid operator GTRN. In this role he led the start-up of Italian power exchange in 2004 and the merger of management and ownership of national transmission grid into Terna, where he took up the role of Director of Operations in charge of planning and implementation of investments, as well as network operations and maintenance. From 2007 to 2010 he was CEO of Ergycapital, an investment company specialized in renewable energy listed on Milan stock exchange, whereas in 2011 he entered the Enel Group as Romania country manager. In 2014 he took over the role of head of Eastern Europe, as well as chairman and general manager of Group subsidiary Slovenské Elektrárne.
After receiving a degree in Economics and Social Science at the Bocconi University, he earned an MBA at the Columbia Business School in New York before beginning his career at Pirelli. He subsequently worked as a strategic consultant at Bain & Company (from 1998 to 2000 and then again from 2002 to 2005) where he followed several multinational industry players working at several offices of the company in Europe as well as Latin America. In 2001 he joined the London office of Merrill Lynch at the investment banking division. In 2005 he then joined the Enel Group first as assistant for international operations to the Chief Executive Officer (until 2006) and later as head of renewables development in the International Division (from 2006 to 2008). Between 2009 and 2010 he was head of business development at Enel Green Power, where he was then appointed as head of Italy and Europe areas (from 2010 to 2014), overseeing activities in South Africa and Morocco starting from 2014.
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