2i RETE GAS S.P.A. 2033 EUR 500m 4,375% XS2631869232

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Issuer: 2i Rete Gas S.p.A. (Ticker: FIREIT, Country: IT)
Issuer LEI: 549300RV0WBR05UTDI91
Issuer Rating: Baa2 negative (Moody’s) / BBB stable (S&P)
Exp. Issue Rating: Baa2 (Moody’s) / BBB (S&P)
Format: Senior Unsecured Notes, Reg S, Bearer, New Global Note
Settlement: 6 June 2023 (T+5)
Maturity: 6 June 2033
Size: EUR 500m exp.
IPTs: MS+175bps area
Coupon: Fixed, Annual, Act/Act (ICMA)
ISIN: XS2631869232
UoP: General Corporate Purposes including concurrent tender offer
Listing: Euronext Dublin, Regulated Market
Clearing: Euroclear/Clearstream
Docs: EMTN Programme dated 26 May 2023 / CoC / MWC / 3m par call / Clean-up call (80%)
Governing Law: English Law
Denominations: €100k + 1k
Joint Bookrunners: Barclays, BNP Paribas, BofA Securities, Goldman Sachs International (B&D), IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Morgan Stanley, Société Generale and UniCredit
Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the United Kingdom
Marketing: The investor presentation (with voiceover) is available at: FINAL LINK: https://dealroadshow.com/e/FIREIT2023 (Recommended) OR Visit https://dealroadshow.com and enter the deal entry code: FIREIT2023 (not case-sensitive)
Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Base Prospectus is available and the Final Terms, when published, will be available on the website of Euronext Dublin at: - Euronext exchange Live quotes
Timing: Books open, Today's business
 
Pre-Announcement Bid-Side Levels

FIREIT Baa2/BBB/- 1.750% Aug-2026 +73
FIREIT Baa2/BBB/- 1.608% Oct-2027 +85
FIREIT Baa2/BBB/- 0.579% Jan-2031 +103

IGIM Baa2/-/BBB+ 0.500% Feb-2033 +114
SRGIM Baa2/BBB+/- 1.250% Jun-2034 +122
 
- Orderbooks closed in excess of €2bn (@ guidance, pre-rec)
- Size already set @ €550mm
- Final spread is MS+145bps
- GSBE to B&D
- Allocations & pricing to follow
 
Maturity: 6 June 2033
Size: EUR 550M
Reoffer: 99.145 / 4.483% / MS+145bp
Benchmark: DBR 2.3% Feb-2033 (@99.31) +210.4bp, HR 92%
Coupon: 4.375% Fixed, Annual, Act/Act (ICMA)
ISIN: XS2631869232
 
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