Abertis refinances debt with an issue of long-10-year €500Mn bond with 1% coupon

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Abertis refinances debt with an issue of long-10-year €500Mn bond with 1% coupon

Abertis has closed a new refinancing deal of its corporate debt with a long-10-year €500 million (US$555 million) bonds issue maturing in February 2027.

The bonds, that have been sold among international qualified investors, will bear an annual fixed coupon of 1%, the lowest in Abertis’ history and among the lowest compared with other long-term issuances by the main Spanish companies. The issue, which has closed with a 75bps margin over mid swap, is below the Spanish Treasury Bond.

In parallel, Abertis has launched an offer to repurchase existing bonds issued in October 2012 (maturing in October 2019), in March 2005 and in December 2011 (both maturing in March 2020) for a total amount of €500 million.

These deals allow the group to extend its debt’s maturity profile, deliver on its active balance sheet management strategy and illustrate the company’s ability to finance itself at attractive conditions and continue creating value for its shareholders. During 2016, Abertis has completed debt refinancing deals –both corporate and on its subsidiaries– for over €2 billion (US$2.22 billion). Since 2014, the amount rises to €5.5 billion (US$6.1 billion)

In the last months, Abertis closed a 10-year €1.15 billion (US$1.28 billion) bond issue maturing in May 2026. The coupon was 1.375%, its lowest until then.  Also this year, Sanef, Abertis’ subsidiary in France, issued 12-year bonds for €300 million (US$333 million) with a 0.95% coupon, among the lowest for companies with the same debt rating.

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