Acupay assists Enel S.p.A with tender offer on its USD Securities due 2073
On January 9th, 2023, Enel Società per Azioni announced a cash tender offer for its U.S.$1,250,000,000 8.750% Capital Securities due 2073. Acupay was awarded the role of tax certification and tender agent in respect of the offer. BNP Paribas, BofA Securities Europe SA, Citigroup Global Markets Limited, Goldman Sachs International, HSBC Continental Europe, J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc and NatWest Markets N.V. acted as dealer managers.
Acupay’s history of collaboration with Enel goes back to 2013, when Enel utilized our services to achieve the direct issuance of U.S.$1,250,000,000 8.750% Capital Securities due 2073 in the US market. Our service helps beneficial owners tax-resident in a “white-list” country (which maintain no permanent establishment in Italy), central banks, and supra-national organizations recognized by Italy receive full exemption from Italian Substitute Tax (currently 26%) on their interest and other income in relation to the Italian Yankee bonds, by following a set of simple procedures within the Acupay System, our highly automated tax certification platform. Crucially, it allows Enel and other Italian entities issuing Italian Yankee bonds to be fully compliant with the domestic legislation of the issuer’s tax domicile (i.e., the Legislative Decree No. 239 of 1 April 1996, as amended and supplemented from time to time and any related regulations).
In the case of Enel’s recent tender offer, Acupay combined its strengths with those of its sister company, Bondholder Communications Group (BondCom). For more than 30 years, BondCom has assisted sovereign and corporate issuers plan, design and execute global bondholder initiatives and complex transactions, such as bondholder identifications, tender and exchange offers and consent solicitations. Supported by strong technology, BondCom’s wealth of experience has been instrumental in the strategic, mechanical, and technological execution of liability management exercises amounting to over USD 1.855 trillion.
Acupay and BondCom’s combined expertise places us in a unique position to assist organisations solve complex problems through a range of services across the securities lifecycle. For more information contact Acupay’s Product team via product@acupay.com.
About Enel
Enel is an Italian multinational company in the energy sector and a leading integrated operator in the global electricity and gas markets, with operations in over 34 countries and more than 72 million end users worldwide.