Enel S.p.A. Completes $3 Billion Offering of Notes

October 6, 2017

S&C client Enel S.p.A. completed a $3 billion, three tranche-offering of notes in reliance on Rule 144A and Regulation S. The notes offering follows a previous $5 billion offering of notes in May. Enel is the leading electricity operator in both Italy and Spain and one of the leading global operators in the generation, distribution and sale of electricity.
The notes were issued by a finance subsidiary of Enel and guaranteed by Enel. The offering consisted of $1.25 billion 2.750% notes due 2023, $1.25 billion 3.500% notes due 2028 and $500 million 4.750% notes due 2047, which represented a reopening of $1 billion 4.750% notes due 2047 issued in May.

S&C provided both U.S. and English law advice in the transaction. The S&C team was led by Oderisio de Vito Piscicelli, Vanessa Blackmore and John O'Connor, along with Sean Ruscitto, Umberto Hassan and Costanza Posarelli. Eric Wang, Saul Brander, Daniel Bleiberg and Lauren Citrome provided advice on U.S. tax matters. Andrew Thomson provided advice on U.K. tax matters.