Finance, strategy and reporting

Eni announces the successful placement of its Sustainability-linked convertible bond

07 September 2023 - 6:22 PM CEST

Rome, 7 September 2023 – Eni announces it has successfully placed an offering (the “Offering”) of EUR 1 billion aggregate principal amount of a sustainability-linked senior unsecured convertible bond (the “Bonds”). The Bonds will be convertible into Eni existing ordinary shares bought under the share buyback programme approved by the Shareholders’ Meeting held on 10 May 2023.

The Bonds will have a maturity of 7 years, will be issued at 100% of par and will pay an annual coupon of 2.95%.

The conversion price will be EUR 17.5513, representing a premium of 20% above the reference price of EUR 14.6261, which has been determined as the volume weighted average price of Eni ordinary shares on the regulated market of Borsa Italiana between today’s opening of trading and the pricing of the Offering.

The Bonds will be linked to the achievement of sustainability targets related to Net Carbon Footprint Upstream (Scope 1 and 2) and renewable energy installed capacity, as detailed in the relevant terms and conditions.

The Bonds were placed with qualified investors and received total orders of about EUR 2.8 billion mainly from United Kingdom, France and Switzerland.

The settlement of the Bonds will occur on 14 September 2023.

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