The Board of Directors of Snam, meeting under the chairmanship of Monica de Virgiliis, approved the annual renewal of the Euro Medium Term Notes (EMTN) Programme, launched in 2012, increasing the maximum overall value from 13 to 15 billion euros, in order to guarantee the company greater flexibility, in line with the 2023-2027 investment plan.
Furthermore, the Council resolved to issue, to be carried out by 9 October 2025, one or more bonds, for a maximum amount of 4.53 billion euros, increased by the amount corresponding to any bonds repaid during the same period. These bonds will be placed with institutional investors, operating mainly in Europe. In any case, the total nominal value of the bonds issued in circulation cannot exceed the maximum limit of 15 billion euros.
The EMTN Program represents an effective tool to raise significant financial resources on the market, quickly, flexibly and at competitive costs, consistently with the expected evolution of the company's financial structure. The securities issued may be listed on one or more regulated markets.
Furthermore, in support of Snam's commitment to achieving carbon neutrality by 2024 and net zero by 2050 on Scope 1, 2 and 3 emissions, the proceeds from the bond issues may be used both for general corporate activities, including those linked to sustainability objectives through Sustainability-Linked Bonds, and to finance specific projects through Green Bonds, compliant with the Delegated Acts of the Taxonomy issued by the European Commission, contributing to the achievement of the Company's sustainable finance objectives.
To date, approximately EUR 10.5 billion of bonds have been issued under the EMTN Programme.
