White & Case advises on Snam’s €4 billion sustainability-linked financing

Global law firm White & Case LLP has advised a pool of 24 Italian and international banks on a €4 billion sustainability-linked loan financing granted to Snam S.p.A., an Italian energy infrastructure company.

The credit facility, which includes an option to increase the amount by up to €1.1 billion, represents the largest revolving credit facility in the utilities sector this year. It includes a target tied to the reduction of Scope 3 emissions and features a margin adjustment mechanism based on the performance of specific environmental, social, and governance indicators.

The transaction strengthens Snam's financial flexibility, streamlines the company's financial structure and reinforces its commitment to ensuring that 85 percent of total funding comes from sustainable finance by 2027.

The pool of banks included Mediobanca as global coordinator, documentation and facility agent, Intesa Sanpaolo and UniCredit as global coordinators, Bank of America and MUFG as sustainability coordinators, as well as BNP Paribas, CaixaBank, Société Générale, Banco BPM, ING Bank, Mizuho Bank, Natixis, Standard Chartered, SMBC Bank, Barclays Bank, BBVA, Citi, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, J.P. Morgan and Morgan Stanley.

The White & Case team in Milan that advised on the transaction included partner Iacopo Canino, local partner Bianca Caruso and associate Lorenzo Suzzi.

Press contact
For more information please speak to your local media contact.