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Enagás Financiaciones, S.A.U

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Enagás Financiaciones, S.A.U Base Prospectus Dated 4 May 2017 Enagás Financiaciones, S.A.U. (incorporated with limited liability in the Kingdom of Spain) €4,000,000,000 Guaranteed Euro Medium Term Note Programme guaranteed by Enagás, S.A. (incorporated with limited liability in the Kingdom of Spain) Under the Guaranteed Euro Medium Term Note Programme described in this Prospectus (the “Programme”), Enagás Financiaciones, S.A.U. (the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Guaranteed Euro Medium Term Notes (the “Notes”). The aggregate nominal amount of Notes outstanding will not at any time exceed €4,000,000,000 (or the equivalent in other currencies). The payment of all amounts due in respect of the Notes will be unconditionally and irrevocably guaranteed by Enagás, S.A. (“Enagás” or the “Guarantor”). The obligations of the Guarantor in that respect (the “Guarantee”) are contained in the deed of guarantee dated 11 May 2016. Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 as amended relating to prospectuses for securities, for the approval of this Prospectus as a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC as amended (the “Prospectus Directive”). The CSSF assumes no responsibility as to the economic and financial soundness of the transaction and the quality or solvency of the Issuer in line with the provisions of article 7 (7) of the Luxembourg Act dated 10 July 2005 relating to prospectuses for securities. Application has also been made to the Luxembourg Stock Exchange for the Notes issued under the Programme to be admitted to the official list of the Luxembourg Stock Exchange (the “Official List”) and to be admitted to trading on the Luxembourg Stock Exchange’s regulated market. References in this Prospectus to Notes being “listed” (and all related references) shall mean that such Notes have been admitted to the Official List and admitted to trading on the Luxembourg Stock Exchange’s regulated market. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments. However, unlisted Notes may be issued pursuant to the Programme. The relevant Final Terms in respect of the issue of any Notes will specify whether or not such Notes will be listed on the Official List and admitted to trading on the Luxembourg Stock Exchange’s regulated market (or any other stock exchange). Each Series (as defined in “General Description of the Programme – Method of Issue”) of Notes will be represented on issue by a temporary global note (each a “temporary Global Note”) or a permanent global note (each a “permanent Global Note”). If the Global Note are stated in the applicable Final Terms to be issued in new global note (“NGN”) form, the Global Notes will be delivered on or prior to the original issue date of the relevant Tranche to a common Safekeeper (the “Common Safekeeper”) for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, SA (“Clearstream, Luxembourg”). Global Notes which are not issued in NGN form (“Classic Global Notes” or “CGNs”) will be deposited on the issue date of the relevant Tranche with a common depositary on behalf of Euroclear and Clearstream, Luxembourg (the “Common Depositary”). The provisions governing the exchange of interests in Global Notes for other Global Notes and definitive Notes are described in “Summary of Provisions Relating to the Notes while in Global Form”. The rating of certain Series of Notes to be issued under the Programme may be specified in the applicable Final Terms. Whether or not each credit rating applied for in relation to the relevant Series of Notes will be issued by a credit rating agency established in the European Union and registered under Regulation (EC) No. 1060/2009 as amended by Regulation (EC) No. 513/2011 (the “CRA Regulation”) will be disclosed in the Final Terms. A list of registered credit rating agencies is published at the European Securities and Market Authority's website: www.esma.europa.eu. The Guarantor’s long-term debt is rated A- by Fitch Ratings Ltd (“Fitch”) and A- by Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies Inc. (“S&P”). Fitch and S&P are each a credit rating agency established in the European Economic Area (“EEA”) and registered under the CRA Regulation. Prospective investors should have regard to the factors described under the section headed “Risk Factors” in this Prospectus. Dealers BANCA IMI BANCO BILBAO VIZCAYA ARGENTARIA, S.A. BNP PARIBAS CAIXABANK CITIGROUP MEDIOBANCA MIZUHO SECURITIES NATIXIS SANTANDER GLOBAL CORPORATE SOCIÉTÉ GÉNÉRALE CORPORATE & BANKING INVESTMENT BANKING Arranger for the Programme BNP PARIBAS 1 This Prospectus comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC as amended (the “Prospectus Directive”) and for the purpose of giving information with regard to Enagás, S.A. together with its consolidated subsidiaries (the “Group”) and the Notes which, according to the particular nature of the Issuer, the Guarantor and the Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and the Guarantor. The Issuer and the Guarantor (the “Responsible Persons”) accept responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer and the Guarantor (having taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Prospectus is to be read in conjunction with all documents which are incorporated herein by reference (see “Documents Incorporated by Reference”). No person has been authorised to give any information or to make any representation other than those contained in this Prospectus in connection with the issue or sale of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Guarantor or any of the Dealers or the Arranger (as defined in “General Description of the Programme”). Neither the delivery of this Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer or the Guarantor since the date hereof or the date upon which this Prospectus has been most recently supplemented or that there has been no adverse change in the financial position of the Issuer or the Guarantor since the date hereof or the date upon which this Prospectus has been most recently supplemented or that any other information supplied in connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. In the case of any Notes which are to be admitted to trading on a regulated market within the European Economic Area or offered to the public in a Member State of the European Economic Area in circumstances which require the publication of a prospectus under the Prospectus Directive (2003/71/EC), the minimum specified denomination shall be €100,000 (or its equivalent in any other currency as at the date of issue of the Notes). The Notes are not intended, from the date of application of Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”), which is expected to be on 1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MiFID II”); (ii) a customer within the meaning of Directive 2002/92/EC (the Insurance Mediation Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently, no key information document required by the PRIIPs Regulation for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore, from the date of application of the PRIIPs Regulation (which is expected to be on 1 January 2018), offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation. The distribution of this Prospectus and the offering or sale of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer, the Guarantor, the Dealers and the Arranger to inform themselves about and to observe any such 2 restriction. The Notes and the Guarantee have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and the Notes are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons. For a description of certain restrictions on offers and sales of Notes and on distribution of this Prospectus, see “Subscription and Sale”.
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