Eni places €1bn sustainability-linked bond
Italy's Eni has placed a €1bn ($1.1bn) sustainability-linked senior unsecured convertible bond, the company announced on September 7.
The bonds are convertible into existing ordinary shares in Eni bought under a share buyback programme greenlit at a shareholders' meeting in May. The bonds have a seven-year maturity and will be issued at 100% of par, and have an annual coupon of 2.95%.
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The conversion price is €17.55 – a 20% premium to the reference price determined as the volume weighted average price of Eni ordinary shares on the regulated market of Borsa Italiana between September 7's opening of trading and the pricing of the offering.
The bonds will be linked to achieving sustainability targets related to the net carbon footprint of Eni's Scope 1 and 2 upstream operations and renewable energy installed capacity. They were placed with qualified investors and received €2.8bn in total orders, mainly from the UK, France and Switzerland.
The bonds will be settled on September 14.