Enel S.p.A. Issued $4 Billion in Notes

September 14, 2018

S&C client Enel S.p.A. completed a $4 billion, three-tranche offering of notes in reliance on Rule 144A and Regulation S. This offering follows offerings in May and October 2017, in which Enel raised an aggregate amount of $8 billion. Enel is the leading electricity operator in 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 4.250% notes due 2023, $1.5 billion 4.625% notes due 2025 and $1.25 billion 4.875% notes due 2027. Barclays, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. LLC, HSBC, J.P. Morgan, Mizuho Securities, Morgan Stanley, NatWest Markets and SMBC Nikko were the underwriters. The proceeds will be used for general corporate purposes.

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