The market endorses Enagás’ operation in Tallgrass and the company’s 500 million-euro capital increase is successfully subscribed

19 December 2019

• The capital increase has been subscribed in record time with a demand that has exceed, by several times, the total amount of 23,255,814 new shares

• The purpose of this increase is to finance the increased of the US energetic company Tallgrass Energy participation, announced this week

• The success of this capital increase demonstrates the market’s confidence in the company, as well as its endorsement to the US operation and the Enagás’ international growth strategy

Enagás has successfully completed a 500 million-euro capital increase through the issuance of 23,255,814 ordinary shares at an issue price of €21.50 per share. This represents a discount of only 1.47%.

This capital increase took place in record time, through an accelerated bookbuilding offering with the exclusion of the shareholders’ pre-emption rights. Investor demand has repeatedly outpaced the supply of new shares, underscoring the market’s strong interest.

Enagás will use this capital increase to finance the increase of its stake in the US energetic company Tallgrass Energy, announced this week, which will mean an outlay of 836 million dollars for the company.

The increase in the number of shares as a result of this acquisition does not alter Enagás dividend per share commitment with its shareholders. This commitment was stablished in the company's strategic update in March, and states an annual dividend growth to reach €1.74 per share by 2023.

The success of this capital increase evidences the market’s confidence in the strength of the company, as well as its support to the US operation in particular and its international growth strategy in general.


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