Abertis 18.35€ -0.08% -0.01€

17 Nov 2017

Abertis issues bonds from its French subsidiary for a total amount of €1,000Mn and keeps reducing its financial costs

Abertis issues bonds from its French subsidiary for a total amount of €1,000Mn and keeps reducing its financial costs

  • HIT, Abertis’ French subsidiary, issues bonds for an amount of €500Mn maturing in 2023, and €500Mn maturing in 2027.
  • The coupons of these issuances are set in 0.625% and 1.625% respectively.
  • It is the bond issue with the lowest coupon in Abertis’ history.
  • The proceeds will be used to refinance short-term debt and to repurchase €140Mn in HIT’s existing bonds maturing in 2021 with a 4.875% coupon.
  • In the last three years, under the 2015-2017 Strategic Plan, Abertis has carried out refinancing operations denominated in euros for more than €4,000Mn, reducing its annual financial costs in more than 3%.

Abertis has closed a new liability management deal with two new bond issuances of its subsidiary in France, HIT, amounting to a total of €1,000Mn. The new issuances have a maturity of 5 years (€500Mn maturing in March 2023) and 10 years (€500Mn maturing in November 2027).

Both emissions, sold among qualified international investors, have been closed with competitive interest rates.  

The issue with maturity in 2023 has been closed with an interest rate of 0.625%. It is the bond issue with the lowest coupon in Group’s history. In the case of the 10-year bonds, the interest rate has been set at 1.625%.

In parallel, Abertis has successfully closed an offer to buy back bonds for €140Mn of HIT’s existing bonds maturing in 2021 with a 4.875% coupon.

Active balance sheet management

These deals allow the Group to extend its debt’s maturity profile, to deliver on its active balance sheet management strategy and to illustrate the company’s ability to finance itself at attractive conditions and continue creating value for its shareholders.

In the last three years, during the 2015-2017 Strategic Plan, Abertis has carried out debt refinancing operations denominated in euros for more than €4,000Mn, reducing its annual financial costs in more than 3%.

 

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