Snam, one of Europe’s leading gas infrastructure players, completed a $2 billion, three tranche, sustainability-linked offering of notes in reliance on Rule 144A and Regulation S. The notes offering was Snam’s first USD-denominated offering.
The offering consisted of $750 million 5% notes due 2030, $750 million 5.750% notes due 2035 and $500 million 6.500% notes due 2055. The interest rate payable on each series of notes is subject to increase by 0.25% following the occurrence of a step up event, consisting in the failure to achieve Snam’s Scope 1, 2 and/or 3 GHG emissions reduction target at the end of 2027, 2032 or 2050, as applicable.
The London-based S&C team included Oderisio de Vito Piscicelli and Costanza Posarelli . Eric Wang, Saul Brander and Julia Fleurantin provided advice on tax matters. Kirsten Rodger and Jenna Park provided advice on U.K. law matters.