Bondholders approve amendments to the Terms and Conditions of the Bond issued in 2015

The amendments are intended, inter alia, to provide a more flexible financial structure for the Group and to increase investments

19 dicembre 2018

In continuity with the resolution passed by the Company's Board of Directors, the Bondholders' Meeting of Estra S.p.A. approved today some amendments to the Terms and Conditions of the unsecured, non-convertible bond of €100 million issued on 13 July 2015, listed on the Irish multilateral trading facility Global Exchange Market (“GEM”).

The amendments in question, aimed at increasing the flexibility of Estra S.p.A.'s financial structure and at enabling greater investments in the Group's development and growth, were applied to the debt limitation clause of Condition 5(a) of the Terms and Conditions, eliminating all references to the parameter based on net financial debt as a percentage of the aggregated regulatory asset base and the related covenant.

This clause placed a limit, with effect for the entire term of the bond, on the Group's net financial debt ("Net Financial Debt"), as a percentage of the net capital invested in the Group's natural gas distribution and metering business, as determined and/or approved by the competent regulatory authority on the basis of the criteria, formulae and calculation methods established by the said authority from time to time in implementation of Article 14 of Legislative Decree No. 164 of 23 May 2000, as amended and extended (the "Aggregated Regulatory Asset Base").

The definition of "Compliance Certificate" provided in the Terms and Conditions was amended accordingly to acknowledge that the Company will only be required to report the Net Financial Debt/Aggregated Regulatory Asset Base parameter for informational purposes.

Contatti Stampa