Eni has launched two new subordinated hybrid perpetual bonds with a combined nominal value of €1.5bn.

The bonds were placed on the Eurobond market, drawing orders of around €5bn. The interest mainly came from institutional investors in the UK, Germany, France and Italy.

The two bond issues are aimed at bolstering Eni’s financial structure and align with the company’s dedication to keeping hybrid bonds as a permanent element of its capital structure.

The first of the new hybrid bonds is valued at €900m, with a re-offer price of 99.354% and an annual coupon of 4.500% until the first reset date, which is set for 21 April 2031.

If not redeemed early, the coupon will be reset every five years from this date, based on the prevailing five-year Euro Mid Swap rate plus an initial margin of 208.3 basis points. The margin will increase by 25 basis points from 21 April 2036 and by an additional 75 basis points from 21 April 2051.

The second bond is issued at €600m, with a re-offer price of 99.114% and an annual coupon of 4.875% until its first reset date on 21 April 2034.

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Similar to the first bond, the coupon will reset every five years based on the five-year Euro Mid Swap rate plus an initial margin of 239.9 basis points, with incremental increases of 25 basis points from 21 April 2039 and a further 75 basis points from 21 April 2054.

Both bonds are governed by English law and will be traded on the Luxembourg Stock Exchange, with the settlement expected on 21 January 2025.

Eni is collaborating with a syndicate of banks for the issuance of the new hybrid bonds, including Banca Akros, Barclays, BBVA, Deutsche Bank, Goldman Sachs International, HSBC, Mediobanca, MUFG, Société Générale Corporate & Investment Banking and UniCredit, all serving as joint lead managers.

Concurrently, Eni has launched a public purchase offer for its existing €1.5bn perpetual hybrid bond, which has a first call date in October 2025 and an annual coupon of 2.625%.

The maximum acceptance amount for the tender offer is set at €1.5bn, matching the overall nominal value of the new hybrid bonds.

The tender offer is backed by a consortium of banks including Barclays, Goldman Sachs International, HSBC and UniCredit, who will function as dealer managers.

In December 2024, Eni began phase two production at the Baleine field offshore Ivory Coast (Côte d’Ivoire) after signing contracts with Côte d’Ivoire’s Ministry of Mines, Oil and Energy to acquire four new offshore exploration blocks in November.