Italy's Snam Secures €11 Billion In Credit Lines
06/07/2012| 06:06pm US/Eastern
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Italian natural gas grid Snam SpA (>> Snam SpA) said Thursday it has secured EUR11 billion in credit lines with 11 international and domestic banks, which will allow the company to meet its capital requirements.
The 11 banks are Banca IMI-Intesa Sanpaolo (>> Intesa Sanpaolo SpA), Bank of America (>> Bank of America Corp), BNP Paribas (>> BNP PARIBAS), Citigroup (>> Citigroup Inc.), HSBC, J.P. Morgan Chase (>> JPMorgan Chase & Co.), Mediobanca (>> Mediobanca Group), Morgan Stanley (MS), Societe Generale (SCGLY), UBS (UBS) and UniCredit (>> UniCredit SpA).
In a filing to the Italian stock exchange, the company said the agreement, which will allow Snam to carry out heavy infrastructure investments, represents a step forward in attaining its financial independence from state-controlled Eni SpA (E, ENI.MI).
Last week, the government ordered Eni to sell its roughly 52% stake in Snam as part of a plan to separate the two companies. Eni's board agreed to a preliminary binding sale of 30% less one share in Snam, for EUR3.52 billion, to lender Cassa Depositi e Prestiti SpA.
Earlier this week, Snam also announced a plan to issue bonds for up to EUR8 billion until June 2013.
Exchange Web site: www.borsaitaliana.it
By Enza Tedesco, Dow Jones Newswires, enza.tedesco@dowjones.com
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