Latham & Watkins Advises Eni S.p.A on its $2 Billion US Bond Issuance

Innovative transaction applies the Acupay System structure to accommodate tranches of securities in US dollars issued outside the US.

12 September 2018

Eni has successfully returned to the US market and priced a dual tranche fixed rate bond issue with maturities of 5 and 10 years for a total principal amount of USD 2 billion. The transaction applies the innovative Acupay System structure to accommodate tranches of securities from Italian issuers in US dollars offered and sold both inside and outside the US.

The 5 year bond has a principal amount of USD 1 billion, pays a fixed annual coupon of 4.000% and its re-offer price is 99.463%. The 10 year bond has a principal amount of USD 1 billion, pays a fixed annual coupon of 4.750% and its re-offer price is 99.199%.

Latham & Watkins advised Eni on the transaction with a team led from Milan by partner Ryan Benedict, with partner Antonio Coletti and associates Guido Bartolomei, Marco Bonasso, and Cesare Milani. Advice was provided on tax matters by New York partner Jocelyn Noll and associate Aaron Bernstein.

 
 
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