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Enel successfully launches a triple-tranche 2 billion euro "Sustainability-Linked Bond" in the Eurobond market

* The 2 billion-euro issue collected orders of approximately 5 billion euros, consolidating the significant participation of ESG investors and portfolios in Enel's recent issues, and achieved an average cost lower than current market levels as well as an average coupon lower than 3%

* The transaction confirms the solidity of the Group's capital structure and commitment to the energy transition, in line with the environmental and financial sustainability pillar of its strategy

Rome, February 17th, 2025 - Enel Finance International N.V. ("EFI"), a finance company controlled by Enel S.p.A. ("Enel")[1], launched a triple-tranche "Sustainability-Linked Bond" for institutional investors in the Eurobond market for a total of 2 billion euros.

The issue, which is guaranteed by Enel, was more than 2 times oversubscribed, totaling orders for approximately 5 billion euros and saw significant participation of ESG investors as well as portfolios, which is structural in all recent Enel issues.

The positive response from investors also allowed the achievement of an average cost lower than current market levels and an average coupon lower than 3%.

The proceeds from the issue are expected to be used in order to fund the Group's ordinary financing requirements.

Stefano De Angelis, CFO of the Enel Group, commented: "The outcome of the placement, both in terms of demand and economic conditions, once again demonstrates investors' confidence in our growth and value-creation strategy, guaranteeing long-term financial and environmental sustainability. Through the execution of its Strategic Plan, the Group has decisively strengthened its capital structure and the improvement of indicators of profitability, together with a major acceleration of the decarbonization and electrification process of its business. We will continue with commitment on this growth path, confirming our support for the energy transition, through investments in networks, renewable energy and services to end customers, with the aim of reaching zero greenhouse gas emissions along the entire value chain by 2040."

The new issue envisages the use of two sustainability Key Performance Indicators ("KPIs") for each tranche, illustrated in the Sustainability-Linked Financing Framework (the "Framework"), last updated in December 2024, and confirms Enel's commitment towards the energy transition in line with the environmental and financial sustainability pillar within the Group's strategy.

The Framework is aligned with the International Capital Market Association's (ICMA) "Sustainability-Linked Bond Principles" and the Loan Market Association's (LMA) "Sustainability-Linked Loan Principles", as verified by the Second-Party Opinion Provider Moody's Ratings.

The issue, which has an average duration of approximately 6 years, has an average coupon lower than 3% and is structured in the following three tranches:

* 750 million euros at a fixed rate of 2.625%, with settlement date set on February 24th, 2025, maturing February 24th, 2028:

- the issue price has been set at 99.574% and the effective yield at maturity is equal to 2.775%;

- the interest rate will remain unchanged to maturity, subject to the joint achievement of the following Sustainability Performance Targets ("SPTs"). In particular:

Sec. for the KPI related to the "Proportion of CAPEX aligned to the EU Taxonomy (%)", the achievement of a SPT equal to or higher than 80% on December 31st, 2025 for the 2023-2025 period;

Sec. for the KPI related to the "Scope 1 GHG emissions Intensity relating to Power Generation (gCO2eq/kWh)", the achievement of a SPT equal to or less than 130gCO2eq/kWh on December 31st, 2025;

- if one or both of the abovementioned SPTs are not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the relevant assurance report issued by an external verifier;

* 750 million euros at a fixed rate of 3.000%, with settlement date set on February 24th, 2025, maturing February 24th, 2031:

- the issue price has been set at 99.229% and the effective yield at maturity is equal to 3.143%;

- the interest rate will remain unchanged to maturity, subject to the joint achievement of the following SPTs. In particular:

Sec. for the KPI related to the "Proportion of CAPEX aligned to the EU Taxonomy (%)", the achievement of a SPT equal to or higher than 80% on December 31st, 2027 for the 2025-2027 period;

Sec. for the KPI related to the "Scope 1 GHG emissions Intensity relating to Power Generation (gCO2eq/kWh)", the achievement of a SPT equal to or less than 115gCO2eq/kWh on December 31st, 2027;

- if one or both of the abovementioned SPTs are not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the relevant assurance report issued by an external verifier;

* 500 million euros at a fixed rate of 3.500%, with settlement date set on February 24th, 2025, maturing February 24th, 2036:

- the issue price has been set at 99.123% and the effective yield at maturity is equal to 3.598%;

- the interest rate will remain unchanged to maturity, subject to the joint achievement of the following SPTs. In particular:

Sec. for the KPI related to the "Scope 1 GHG emissions Intensity relating to Power Generation (gCO2eq/kWh)", the achievement of a SPT equal to or less than 72gCO2eq/kWh on December 31st, 2030;

Sec. for the KPI related to the "Renewable Installed Capacity Percentage (%)", the achievement of a SPT equal to or higher than 80% on December 31st, 2030;

- if one or both of the abovementioned SPTs are not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the relevant assurance report issued by an external verifier.

Additional information on the rationale of the bond issue, the Framework and the related Second Party Opinion issued by Moody's Ratings are available to the public on the Enel website, at: https://www.enel.com/investors/investing/sustainable-finance/sustainability-linked-finance.

The bond is expected to be listed, at the time of the issue, on the Euronext Dublin regulated market.

The transaction was supported by a syndicate of banks, with Banca Akros, BBVA, BNP Paribas, BPER Corporate & Investment Banking, CaixaBank, Commerzbank, Credit Agricole CIB, Goldman Sachs Bank Europe SE, ING, IMI-Intesa Sanpaolo, J.P. Morgan and UniCredit acting as joint-bookrunners.

[1] Enel Rating: BBB (Stable) for Standard & Poor's, Baa1 (Stable) for Moody's and BBB+ (Stable) for Fitch.

For the dissemination to the public and the storage of regulated information made available to the public, Enel S.p.A. has decided to use respectively the platforms "eMarket SDIR" and "eMarket Storage", both available at the address www.emarketstorage.com and managed by Teleborsa S.r.l. - with registered office in Rome, at 4 Piazza Priscilla - as per CONSOB authorization and resolutions n. 22517 and 22518 of November 23, 2022.

From May 19th 2014 to June 30th 2015, Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated "1Info", available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by Consob with resolution No. 18852 of April 9th, 2014.

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Original text here: https://www.enel.com/media/explore/search-press-releases/press/2025/02/enel-successfully-launches-a-triple-tranche-2-billion-euro-sustainability-linked-bond-in-the-eurobond-market

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