BAKU, Azerbaijan, January 8. Italian gas
infrastructure group Snam said it had successfully placed
exchangeable green bonds due 2031 and launched a near-total
repurchase of its outstanding transition bonds due 2028, Trend reports.


Snam issued €500 million of green bonds exchangeable into
existing ordinary shares of Italgas, while simultaneously inviting
holders of its €500 million 3.25% EU Taxonomy-aligned transition
bonds due 2028 to sell them back to the company.


Chief Financial Officer Luca Passa said the transaction allows
Snam to retain full upside in its Italgas stake while managing
early conversion risk on more favourable terms, following a
positive market reception of Italgas’ updated business plan.


The new bonds carry a fixed annual coupon of 1.75%, payable
semi-annually, and have a five-year maturity. They will be redeemed
at par at maturity unless previously exchanged, redeemed or
cancelled. Snam retains the option to settle exchanges in shares,
cash or a combination of both.


The initial exchange price represents a 25% premium over the
reference price of Italgas shares, calculated as the arithmetic
average of the daily volume-weighted average price during the
averaging period.







Proceeds from the bond sale will be used to finance eligible
green projects in line with Snam’s Sustainable Finance
Framework.


The bonds were offered exclusively to qualified investors
outside the United States, Australia, Canada, South Africa and
Japan through an accelerated bookbuilding process. Settlement is
expected on Jan. 14, 2026. Snam has agreed to a 90-day lock-up on
its Italgas shares following issuance, subject to customary
exceptions.


Alongside the issuance, Snam collected indications of interest
to repurchase 4,943 of its 2028 transition bonds, representing
98.9% of the outstanding amount, via a reverse bookbuilding
process.


The purchase price was set at €176,750 per €100,000 in principal
amount, before adjustment for movements in the Italgas share price
during the averaging period. Accrued interest up to the settlement
date will also be paid.