10 May 2016

  • It is the biggest corporate debt bond issue in Abertis' history.
  • The 1.375% coupon will allow the company to reduce the average cost of the Abertis' corporate debt to 3.2%.
  • The issue, with a 95 bps margin, is 15bps below the Spanish Treasury Bond.
  • The Group extends its corporate debt maturity profile to 7.8 years.
  • The issue closed with an oversubscription from qualified investors that doubled the offer, despite the high volume of debt issuances during the day (7 corporate issues in Europe for a total amount of €5,000 Mn).
  • It has been the biggest corporate issue in the day and one of the biggest corporate issues in Spain in 2016.
  • Since 2014, Abertis has completed debt refinancing deals -both corporate and on its subsidiaries- for €5,000 Mn.

Abertis today closed a 10-year, €1,150 Mn bonds issue (maturing in May 2026). It is the biggest corporate bond issue in the company's history.

The bonds, that have been sold among international qualified investors, have a annual fixed coupon of 1.375%, 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 95bps margin over mid swap, is 15 bps below the Spanish Treasury Bond.

The issue, which has been the biggest in the day and one of the biggest Spanish corporate issuances in 2016, registered an oversubscription that doubled the offer. 95% of buyers are from outside Spain. Its net proceeds will be mainly used to refinance short term maturity debt and other corporate uses.

Active balance sheet management

The issue allows the company to extend the 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.

Since 2014, Abertis has completed debt refinancing deals -both corporate and on its subsidiaries- for a total amount of €5,000 Mn. After this issue, the average corporate debt maturity profile extends to 7.8 years compared to 5.38 years in December 2013. In addition, the average cost of the corporate debt reduces to 3.2% from 4.15% (December 2013).

In the last months, major operations include the refinancing of Metropistas' debt (Puerto Rico) for €320 Mn or the issues by HIT and Sanef in France, for €200 Mn and €600 Mn, respectively.

The last issue of corporate debt by the Group was in June 2014, when Abertis issued 10-year bonds for a total amount of €700 Mn, with a 2.25% coupon.

Abertis Infraestructuras SA published this content on 10 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 May 2016 17:26:03 UTC.

Original documenthttp://www.abertis.com/en/press-room/press-releases/884

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