Enel S.p.A. Completes One of the Largest U.S. Dollar Notes Offering of an Italian Corporate Issuer

May 25, 2017

S&C client Enel S.p.A. completed a $5 billion, three tranche-offering of notes in reliance on Rule 144A and Regulation S.
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 offering was Enel's first USD-denominated offering since 2009 and one of the largest-ever USD-denominated notes offering of an Italian corporate issuer.
S&C provided both U.S. and English law advice in the transaction. The London-based S&C team included John O'Connor, Vanessa Blackmore, Oderisio de Vito Piscicelli, Kirsten Rodger and Umberto Hassan. Eric Wang, Saul Brander, Daniel Bleiberg and Lauren Citrome provided advice on U.S. tax matters. Andrew Thomson and Emma Hardwick provided advice on U.K. tax matters.