19 settembre 2022
On 15 September 2022, Estra S.p.A. finalised the issuance and placement of €70 million senior unsecured and non-convertible bonds with US institutional investors (“US Private Placement”).
The bonds, issued at par and with a maturity of seven years, admitted to listing on the unregulated market of the Vienna Stock Exchange, pay a fixed coupon of 4.20% and will be redeemed at par in a single payment at maturity.
The notes, subscribed by Pricoa Private Capital, part of the US Prudential Financial Inc. Group, are intended to raise additional liquidity in support of the Group’s growth and current operating needs. The bond issue is part of an uncommitted bond issuance programme available for subscription by Pricoa Group companies (“Private Shelf Facility”) up to USD 125 million with a maturity of three years.
For Estra, this transaction is a further step towards diversifying its funding sources and improving the Group’s debt profile by extending its average maturity. In addition, the transaction confirms Estra’s ability to finance its business on the capital market, and the interest of investors, including US investors, in supporting the Group’s strategic plan.
“The successful US private placement is further confirmation of the appreciation of our creditworthiness on the capital market,” stated Alessandro Piazzi, Chief Executive Officer of Estra. In the current difficult market context, characterised by volatility and uncertainty, we succeeded in launching a new, complementary funding channel, winning the confidence of a major US institutional investor, which appreciates our history, business and strategy.”
Intesa Sanpaolo (IMI Corporate & Investment Banking Division) acted as Placement Agent in this transaction.
White & Case assisted Estra as legal advisor, while Pricoa was assisted by DLA Piper.
This communication does not constitute an offer nor an invitation to subscribe for or purchase securities. The securities have not been, and will not be, registered in the United States under the United States Securities Act of 1933, as amended (the “Securities Act”), nor in Australia, Canada and Japan or in any other country where such an offer or solicitation is subject to local authorities’ authorisation or is, in any way, forbidden by law. The securities cannot be offered or sold in the United States or to U.S. persons, unless they are registered under the Securities Act or exempt from such registration.
Established in 2010, the Estra Group is among Central Italy’s leading companies in the distribution and sale of natural gas and electricity sales sector. To date, Estra’s four shareholders (Consiag, Coingas, Intesa and Viva Energia) represent 139 municipalities in the provinces of Ancona, Arezzo, Florence, Grosseto, Macerata, Pistoia, Prato and Siena. The Estra Group operates through its subsidiaries, joint ventures and related companies mainly in Tuscany, Umbria, Marche, Abruzzo, Molise, Puglia, Campania, Calabria, and Sicily and is active in the distribution and sale of natural gas and LPG, and in the sale of electricity. In addition, it operates in telecommunications, in the planning and management of energy services and in renewable energy production.