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Snam Sounding Investors for Additional Possible 6-Year Bond

Italian natural gas grid operator Snam SpA (SRG.MI) is collecting investors' interest for a possible additional six-year bond, said one of the banks on the deal Wednesday.

The move came after a four-year bond, announced in the morning, collected 3.8 billion euros ($4.8 billion) of orders from investors. This bond will be EUR1 billion in size and will be priced at 340 basis points over midswaps, tighter than the initial price thoughts of 350 basis points over midswaps.

Initial price thoughts are in the area of 350 basis points over midswaps.

Banca IMI, BNP Paribas SA, JPMorgan Chase & Co. and UniCredit SpA are the lead managers of the sale.

The issuer is rated Baa1 by Moody's Investors Service Inc. and A- by Standard & Poor's Corp.

Snam met with investors across Europe at the end of June.

Write to Serena Ruffoni at serena.ruffoni@dowjones.com

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