Enel places 1.5 billion USD bond on the US market

Enel Finance International NV, the Group’s Dutch-registered finance company controlled by Enel S.p.A. (“Enel”), launched yesterday a single-tranche “sustainable” bond for institutional investors on the US and international markets totalling 1.5 billion US dollars, equivalent to about 1.4 billion euros.

The issue, which is guaranteed by Enel, was oversubscribed by almost three times, with total orders of approximately 4 billion US dollars and the significant participation of Socially Responsible Investors (“SRI”), allowing the Enel Group to continue to diversify its investor base.

The operation has been structured as a single tranche issue of 1.5 billion US dollars paying a rate of 2.650% maturing September 10th, 2024. The issue price has been set at 99.879% and the effective yield at maturity is equal to 2.676%. The settlement date for the issue is September 10th, 2019.

The interest rate will remain unchanged to maturity subject to achievement of the sustainability target indicated above as of December 31st, 2021. If that target is not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps starting from the first interest period subsequent to the publication of the assurance report of the auditor.