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INVESTOR RELATIONS

 
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Debt and Credit Rating

Through the banking system and capital markets, Eni has access to a wide range of sources of finance at competitive costs, and coordinates centrally its relations with its banking partners. Currently, Eni believes that, through the diversification of sources and the availability of credit lines, it has access to sufficient sources of funding to meet its foreseeable financial needs, as well as maintaining a high level of operational flexibility.
  

  • Financial debt riskFinancial debt risk
  • Debt StructureDebt Structure
  • ML debtML debt
  • Debt ProgrammesDebt Programmes
  • Credit RatingCredit Rating


Financial debt: low risk quality

Financial debt


Debt structure as of 31 December 2009

 

                                                   Gross financial debt: € 24,800 m

Gross financial debt: € 24,800m

 

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments


As of 31 December 2009, the long-term debt included the debt current portion maturing in 2010, are indicated below with relative expiry dates:


Total medium/long term debt (including short-term component): € 21,255m

Total medium/long term debt (including short-term component): € 21,255m

 

(€ million) At December 31 Long-term maturity
Type of debt instrument Maturity
range
2008 2009 Current maturity 2010 2011 2012 2013 2014 After Total
Banks 2010-29 7,003 9,056 2,028 1,106 3.559 323 1,122 918 7,028
Ordinary bonds 2010-37 6,843 11,687 1,111 141 38 1,589 1,314 7,494 10,576
Other financial institutions 2010-21 632 512 52 95 63 55 51 196 460
14,478 21,255 3,191 1,342 3,660 1,967 2,487 8,608 18,064

 

Eni entered into long-term borrowing facilities with the European Investment Bank which were conditioned to the maintenance of certain performance indicators based on Eni’s consolidated financial statements or the maintenance of a minimum level of rating. According to the agreements, the lack of this latter condition required new guarantees, able to be accepted by the European Investment Bank, to be found. As of December 31, 2008 and 2009, the amount of short and long-term debt subject to restrictive covenants was €1,323 million and €1,508 million, respectively. Eni considers that the non-compliance with the above covenants does not produce relevant effects. Furthermore, Saipem SpA entered into certain borrowing facilities in the amount of €75 million (the same amount as of December 31, 2008) with a number of financial institutions subordinated to the maintenance of certain performance indicators based on the consolidated financial statements of Saipem. Eni and Saipem are in compliance with the covenants contained in their respective financing arrangements.

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments


Euro Medium Term Notes Programme:

Eni has a Euro Medium Term Notes (EMTN) Programme dedicated to professional investors only, for a maximum total amount of €15 billion. The issuers of the EMTN Programme , entirely guaranteed by Eni SpA, are Eni SpA and Eni Coordination Center SA.

The table below provides an analysis at the end of 2009 of bonds issued in the context of the EMTN Programme – by issuer and currency, with an indication of expiry dates and interest rates:

(€ million) Amount Discount on
bond issue and
accrued expense
Total Currency Maturity Rate %
from to from to
Issuing entity
Euro Medium Term Notes
Eni SpA 1,500 58 1,558 EUR 2016 5.000
Eni SpA 1,500 44 1,544 EUR 2013 4.625
Eni SpA 1,500 8 1,508 EUR 2019 4.125
Eni SpA 1,250 66 1,316 EUR 2014 5.875
Eni SpA 1,250 (4) 1,246 EUR 2017 4.750
Eni Coordination Center SA 733 6 739 GBP 2010 2019 4.875 6.125
Eni SpA 500 17 517 EUR 2010 6.125
Eni Coordination Center SA 350 10 360 EUR 2010 2028 2.876 5.600
Eni Coordination Center SA 346 2 348 YEN 2012 2037 1.150 2.810
Eni Coordination Center SA 176 3 179 USD 2013 2015 4.450 4.800
Eni Coordination Center SA 41 (1) 40 EUR 2011 2015 variable
Eni Coordination Center SA 34 34 CHF 2010 2.043
Eni Coordination Center SA 31 (2) 29 USD 2013 variable
9,211 207 9,418

Euro Commercial Paper Programme:

Eni has in place three Commercial Paper Programmes: (i) a Euro Commercial Paper Programme for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and Eni Coordination Center SA as issuers; (ii) a US Commercial Paper Programme for a maximum total amount of $2 billion, entirely guaranteed by Eni SpA, with Eni Coordination Center SA as issuer; (iii) a US Commercial Paper Programme for a maximum total amount of $3 billion, entirely guaranteed by Eni SpA, with Eni Finance USA Inc. as issuer.

Debt comprised commercial paper of €2,718 million mainly issued by the financial company Eni Finance USA Inc (€2,020 million) and Eni Coordination Center SA (€698 million).

 

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

 

Long Term Short Term Outlook Publishing date
Standard & Poor's A+ A-1 stable 19 May 2010
Moody's Aa2 P-1 negative 21 May 2010


Disclaimer

A rating is not a recommendation to buy, sell or hold Eni Group securities. As the above ratings may be changed, superseded, suspended or withdrawn, any person should verify the current long-term, short-term outlook rating.





Last updated on 03/08/10