Snam Reduces Borrowing Costs

Italian gas grid operator, Snam, said December 5 that a tender to bond-holders issued last week, now completed, has reduced its borrowing costs.

It said the medium-term bond tender was completed December 4 with the purchase of notes for a total nominal amount of just under €538.38mn ($612mn). It said the exercise was consistent with Snam's process of optimising its debt structure and capital costs. Snam said that from 2015 to date it has reduced the cost of its debt from 2.4% in 2016, to 1.5% expected at end-2018.