Snam Prices EUR500 Million Offering of Convertible Green Bonds

11:59 PM EST, 01/07/2026 (MT Newswires) -- Snam (SRG.MI) priced its offering of 500 million euros in 1.75% green bonds convertible into shares of Italian gas distributor Italgas (IG.MI). The bonds that will mature in 2031 will be settled and issued on Jan. 14, 2026, at a price equal to the principal amount, according to a Wednesday release. Conversion of the bonds will be at the discretion of bondholders. The Italian infrastructure company earmarked proceeds from the offering for projects eligible under its green financing sustainable finance framework. Meanwhile, Snam committed to buying back its 500 million euros of 3.25% EU Taxonomy-aligned transition bonds due 2028 for 176,750 euros per every 100,000 euro denomination. It received expressions of interest to sell from holders accounting for 98.9% of the entire issuance. Settlement for the repurchase offer is also expected by Jan. 14, with redeemed bonds earmarked for cancellation. Snam will acquire the entire series if repurchases surpass 85% of the outstanding bonds.