July 29, 2021

Abertis launches a "macroemission" of bonds of up to 3,000 million

Abertis launches a "macroemission" of bonds of up to 3,000 million


Abertis has launched a bond issue early Monday with which he hopes to place debt securities for a maximum amount of up to 3,000 million euros and with maturities at five, seven and twelve years, according to Europa Press reported in market sources.

This is the largest debt issue among those made by Abertis and one of the largest corporate bonds launched so far by Spanish companies. The bonds are issued in euros, with a repayment term of five and seven years, but also in pounds, in this case to twelve years, according to said sources.

The operation is part of the debt issuance program for up to 7,000 million euros that the motorway company controlled by ACS and Atlantia registered on the Irish Stock Exchange at the beginning of the month.

Abertis will destine the funds that it captures with the securitization to restructure part of its liabilities. In particular, it will refinance a section of the three in which the credit that the group presides over Florentino Pérez and the Italian firm were divided to buy the group of concessions.

The issue is launched on the eve of Abertis approve in its meeting on Tuesday the operation by which, precisely, its two shareholders will transfer the credit of almost 10,000 million euros that they signed with thirty banks to pay for the acquisition of the motorway company.

It is an operation by which, as a 'payment' of extraordinary dividend, Abertis will assume the obligations that ACS and Atlantia have before the debt of, specifically, 9,834 million euros with thirty entities.

As agreed between the two partners, of the three tranches in which the loan was structured, one will be settled with the funds obtained from the sales of Cellnex and Hispasat and another will be restructured in the long term with debt issues.

The company chaired by Marcelino Fernández Verdes, which has an investment grade, took advantage of the current market situation to open the books of the issue on Monday.

The issue launched this morning has Natixis, Santander, UniCredit, BBVA, BNP Paribas, CaixaBank, JP Morgan and Mizuho as depositors, according to the market sources.


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