• The operation is exclusively aimed at institutional investors.


Earlier today, GAS NATURAL FENOSA concluded an issue of perpetual subordinated debentures worth 1 billion euros, redeemable at will by the issuer as from the eighth anniversary thereof. This issue was made with a 4.125% annual coupon payment and a new bond issue price of full face value.

The issue, which was launched on the European market this morning, was underwritten nearly six times over, with orders from some 400 institutional investors in 23 countries. That means roughly 90% of the issue was underwritten by foreign investors, most notably investors from Great Britain, Italy, France and Germany.

The funds received in this operation, disbursement of which is expected to take place on 18 November, will serve to strengthen the company's capital structure, optimise its financial structure, increase its already ample liquidity and diversify its sources of finance, increasing the focus on the capital market.


Barcelona, 12 November 2014.

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