Enel Finance International, a financial company controlled by Enel, has successfully placed a multi-tranche bond senior unsecured aimed at institutional investors in US and international markets for a total amount of 2,5 billion US dollars, equivalent to approximately 2,2 billion euros.
Ask four times the offer
As part of the issue, guaranteed by Enel, demand has exceeded supply by more than four times, with total orders for an amount exceeding 10 billion US dollars. The issue, which has a average duration of about 6 years, has an average equivalent cost in euros of approximately 3,6%.
The demand and the economic conditions achieved, the company explains in a note, "represent the market's recognition of leverage and financial flexibility unique in the sector and a business portfolio with an optimized risk-return profile."
The proceeds of the issue will be used for finance the growth envisaged in the strategic plan 2026-2028 and, in parallel, the maturities of existing debt.
The transaction was supported by a syndicate of banks, with BNP Paribas, BofA Securities, Citigroup, HSBC, IMI-Intesa Sanpaolo, JP Morgan, Morgan Stanley, Societe Generale, SMBC Nikko, UniCredit, and Wells Fargo Securities acting as joint bookrunners.
In consideration of its characteristics, the issue has been assigned a provisional rating of BBB from Standard & Poor's, BBB+ from Fitch and Baa1 from Moody's.
The details of the issue
The issue, with semi-annual payment of the coupon and settlement date expected at 13 July 2026, is structured in three tranches: The first, from 1 billion of dollars, has a fixed interest rate of 4,625%, maturity on July 13, 2029 and an issue price set at 99,710%. The second, 750 million dollars, has a fixed interest rate of 4,875%, maturity on July 13, 2031 and issue price set at 99,545%. Same amount (750 million of US dollars) also for the third tranche, which however has a fixed interest rate of 5,375%, maturity on 13 July 2036 and an issue price set at 98,905%.
