Enagás successfully completes €600 million placement of 10-year bonds with a coupon of 1.25%

23 January 2015

• The company has obtained the lowest coupon of all Spanish issuers and European utilities for the 10-year horizon

• The issue will enable the company to bring down its long-term borrowing costs

Enagás placed its €600 million bond issue on the market today. The issue has a 2025 maturity and bears an annual coupon of 1.25%, with an issue price of 99.08.

The issue, which falls within the Guaranteed Euro Medium Note (EMTN) programme, was closed in under two hours with final demand for over €6,000 million, more than 10 times the amount offered. This is a clear indication that the Company is held in high regard in the capital markets.

A portion of the bonds will be swapped for a portion of bonds from the €750 million issue with coupon payment of 4.25% and maturity in 2017.

The success of the placement with respect to both duration and cost has further improved the company's financial position, which has a well-diversified range of financing sources. Following the issue, 66% of its debt has been secured from the capital markets, while 32% comes from long-term borrowing from public bodies (European Investment Bank and Spain's National Credit Institute (ICO)), and 2% from bank borrowing.

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