- Client:Saipem - Comitato Parti Correlate
- Date:March 2022
Energy, Utilities and Infrastructure
- Deal Description:
Vitale assisted the Saipem Related Parties Committee in the analysis of the Financing Package announced on 25 March 2022 and issued a fairness opinion on the economic and financial terms of the guarantee issued by ENI for the bridge financing.
On March 25, 2022, Saipem S.p.A. ("Saipem" or the "Company") approved the update of the Strategic Plan 2022-2025 ("the Plan") and the financing package to strengthen the Company's financial and capital structure ("Financing Package ").
The Financing Package provides for a €2 billion capital increase for which the shareholders ENI S.p.A. ("Eni") and CDP Industria S.p.A. ("CDP") have undertaken to subscribe to a total of 43% of the capital increase, in proportion to the shares held. The remaining portion of the capital increase (57%) is covered by a pre-underwriting agreement with a pool of leading domestic and international banks. In addition, in order to meet short-term liquidity needs, the Company has entered into agreements for €1.5 billion, of which: i) €645 million with ENI and CDP, in the form of payments on account of future capital increases; and ii) €855 million with leading banks as bridge financing. In this regard, ENI issued parent company guarantees. The liquidity line provided by the banks will presumably be replaced by a loan backed by the guarantee of SACE S.p.A. (Garanzia Italia) and, for 18%, by ENI's parent company guarantee.
Saipem is a technology and advanced engineering platform for the design, construction and operation of complex, safe and sustainable infrastructures and plants. Listed on the Milan Stock Exchange, it is present in over 70 countries worldwide and employs around 32,000 people of 130 different nationalities.
Vitale acted as financial advisor to the Saipem Related Parties Committee.
- Deal Value: