Page 149 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Notes to the Consolidated Financial Statements of the Enav Group 147

and relative terms, and the operation should benefit the Company’s rating
and the Shareholder’s related expectations.

With regard to the choice of the financial instrument deemed most
appropriate for acquiring the funds needed to service the transaction, given
the current highly favorable trend on the debt market due to the combined
effect of interest rates at all-time lows and contracting credit spread, on 8
May 2015 the Board of Directors resolved, for purposes of article 2410 of
the Italian civil code, to issue a bonded loan to be placed with institutional
investors in an amount equal to the above-mentioned reduction in share
capital up to ¤180 million, with maturity of up to 10 years and bullet
redemption.