Compagnia Valdostana delle Acque – Compagnie Valdotaine des Eaux S.p.A. (“CVA” or the “Group”), on 14th December 2023, has signed a US$ 200 million Private Shelf Agreement (“Shelf Facility”) to support the Group’s growth strategy and at the same time issued EUR 30 million Private Placement (the “Notes”) under the Shelf Facility. 

The Shelf Facility intends to support the growth trajectory of the Group in line with its Strategic Plan 2023-2027 and represents an opportunity for CVA to further draw under the Shelf Facility over the next three years up to an overall amount of US$ 200 million (including the amount of the Notes issued today).

The senior unsecured Notes have a 15-year maturity (December 2038) and have been placed with Pricoa Private Capital, the private capital arm of PGIM, Inc., the global investment management business of Prudential Financial, Inc. The Notes which are governed by English Law, are payable in full at maturity, except for certain early repayment options as described in the terms and conditions of the Notes and pay a semi-annual fixed-rate coupon of 5.30% per annum.

The net proceeds of the Notes will be used for general corporate purposes including the repayment of existing indebtedness. The Notes have been admitted to trading on the regulated market of Dublin Stock Exchange, Euronext.

Mediobanca acted as Sole Arranger for the placement of the Notes. 
CVA was advised by Orrick, Herrington & Sutcliffe as legal and tax counsel and by CORE Advisory as adviser to the Issuer while Akin Gump Strauss Hauer & Feld LLP assisted PGIM, Inc. and its affiliates.

The President, Prof. Marco Cantamessa, declared: "With this transaction, CVA continues pursuing a prudent strategy of diversification of its funding sources. This is the third transaction completed by this management team over the last 24 months and represents once again a proof of the solidity of CVA’s business proposition ". 
The CEO of CVA, Giuseppe Argirò, declared “We are very pleased with today’s announcement; this Private Placement confirms the appreciation towards CVA of primary international institutional investors, such as PGIM. The maturity of the Notes well beyond the 2029 expiry of CVA’s hydroelectric concessions, is a well-regarded recognition of the Strategic Plan adopted by CVA which gained momentum over the recent years”.