24 September 2002 – Italian utility holding company Italenergia this week began promoting its €1.05bn bond that will be launched by its Edison subsidiary over the next few weeks, financial sources said on Monday.

Edison is Italy’s second-largest power company which is seeking to raise the additional capital so that it can be a stronger competitor in the country’s liberalising energy market.

Italenergia is partly controlled by Fiat and by Electricité de France, which is backing the bond offering.

The sources said the presentation in Milan between Italenergia and institutional investors was the first stage of a road show for the issue that will also brief investors in Paris, Luxembourg, London and Frankfurt.

The 2007 zero-coupon bond is being sold by a unit of Italenergia BIS, as the post-restructuring group is to be called and is part of a wider €4bn debt restructuring programme. Deutsche Bank is serving as lead manager of the issue.