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Enagás Financiaciones, S.A.U

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Enagás Financiaciones, S.A.U Base Prospectus Dated 11 May 2020 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. The Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the “CSSF”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”). The CSSF only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of either the Issuer, the Guarantor or the quality of the Notes that are the subject of this Prospectus and investors should make their own assessment as to the suitability of investing in the Notes. The CSSF assumes no responsibility as to the economic and financial soundness of the issue of any Notes or the quality or solvency of the Issuer in line with the provisions of article 6(4) of the Luxembourg Act dated 16 July 2019 relating to prospectuses for securities. Application has also been made to the Luxembourg Stock Exchange for the Notes issued under the Programme to be listed on 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, which is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as amended (“MiFID II”). References in this Prospectus to Notes being “listed” (and all related references) shall mean that such Notes have been listed on the Official List and admitted to trading on the Luxembourg Stock Exchange’s regulated market. Unlisted Notes may not 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”. MIFID II product governance / target market – The Final Terms in respect of any Notes will include a legend entitled “MiFID II Product Governance” which will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels. A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the “MiFID Product Governance Rules”), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MIFID Product Governance Rules. PRIIPs / IMPORTANT – EEA AND UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom (“UK”). 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 MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Instruments or otherwise making them available to retail investors in the EEA or in the UK will be prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation. Amounts payable on Floating Rate Notes may be calculated by reference to one of the Euro Interbank Offered Rate (“EURIBOR”), the London Interbank Offered Rate (“LIBOR”) or the Sterling Overnight Index Average (“SONIA”) rate as specified in the relevant Final Terms, which are provided by the European Money Markets Institutes (“EMMI”), ICE Benchmark Administration Limited (“ICE”) and the Bank of England, respectively. If any such reference rate constitutes a benchmark for the purposes of Regulation (EU) No. 2016/1011 (the “Benchmark Regulation”), the Final Terms will indicate whether or not the benchmark is provided by an administrator included in the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority (“ESMA”) pursuant to Article 36 of the Benchmark Regulation. As at the date of this Prospectus, EMMI and ICE are included in the register of administrators and benchmarks established and maintained by ESMA. The registration status of any administrator under the Benchmark Regulation is a matter of public record and, save where required by applicable law, the Issuer does not intend to update the Final Terms to reflect any change in the registration status of the administrator. 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 or in the UK 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 BBB+ 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 EEA and in the UK and registered under the CRA Regulation. Prospective investors should have regard to the factors described under the section headed “Risk Factors” in this Prospectus. This Prospectus will be valid as a base prospectus under the Prospectus Regulation for 12 months from 11 May 2020. The obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies will not apply following the expiry of that period 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 This Prospectus comprises a base prospectus for Article 8 of the Prospectus Regulation. 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 the information contained in this Prospectus is in accordance with the facts. The Prospectus as completed by the Final Terms makes no omission 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
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