(Alliance News) - Iren Spa announced Monday that it has issued an eight-and-a-half-year bond -- its fifth green bond -- of EUR500 million.

The company received orders for about 10 times the amount offered, or EUR4.7 billion. The funding contributes to the financing and refinancing of projects that contribute to the realization of sustainability goals defined in the business plan.

The bonds, which have a minimum unit denomination of EUR100,000 and mature on July 22, 2032, pay an annual gross coupon of 3.875 percent and were placed at an issue price of 99.514 percent. The effective gross rate of return to maturity is 3.946%, corresponding to a yield of 135 basis points above the midswap rate. The settlement date has been set for January 22.

"The transaction just concluded confirms the effectiveness of our strategy focused on sustainability goals combined with financial discipline," said Luca Dal Fabbro, executive chairman of the Iren group. "The funds raised will allow, through a further strengthening of the financial structure, to maintain solid liquidity. We will be able to continue with determination toward the commitments made in the industrial plan, which includes both organic development and M&A opportunities, mainly aimed at growth in renewable energy, new waste treatment plants for the development of the circular economy and the modernization of the integrated water system, with positive repercussions in the territories served."

Iren's stock closed Monday down 0.8 percent at EUR1.98 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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