Global law firm White & Case LLP has advised Eni S.p.A. on the issue of €400 million non-dilutive equity-linked bonds which do not give rights to holders of the bonds in relation to Eni shares.
The transaction also provides for the purchase by Eni of cash-settled call options relating to Eni shares from one or more Joint Bookrunners, to hedge its exposure to the exercise of the 'conversion' rights under the bonds. The transaction represents the first ever equity-linked synthetic bond deal launched in Italy.
Morgan Stanley, BNP Paribas SA and HSBC acted as Joint Bookrunners on the offering.
The White & Case team which advised on the transaction included partners Paola Leocani (Milan), Michael Doran, Ingrid York (both London), Séverin Robillard (Paris) and David Barwise (Singapore), local partner Paul Alexander (Milan) and associates Baldassarre Battista (Milan), Melissa Ashdown (London) and Grégoire Karila (Paris).
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