Abertis successfully closes a 500 million bond issue to refinance debt and increase liquidity

MADRID, 27 Jun.

Abertis successfully closes a 500 million bond issue to refinance debt and increase liquidity


Abertis has successfully closed a bond issue for the amount of 500 million euros, the proceeds of which will be used to refinance Abertis Infraestructuras' debt maturities and strengthen the company's liquidity position.

As reported by the group to the National Securities Market Commission (CNMV), the issue has been placed among qualified international investors, with an oversubscription of four times the initial volume and maturing in January 2028.

The company has highlighted that this "strong demand" allowed it to close financing conditions that were better than those it had set as its objective.

The issue coupon, which has been set at 4.125%, will be reduced by the financial gains that the company has collected in its interest rate coverage plan.

In this way, the effective cost of financing would be below 3%, which, according to Abertis, is "a very attractive cost, well below the current market."

"With this new operation, Abertis continues to maintain efficiency in the active management of the company's balance sheet, as well as once again demonstrating its ability to take advantage of the opportunities offered by the credit market to obtain attractive conditions", stated the company.

In its latest communication, Abertis explained that the group's total gross debt reached 27,400 million euros --divided equally between the parent company and its subsidiaries--, with an average cost of 2% and with 79% referenced to rate permanent.

The company's current liquidity is 8,400 million euros, of which around half is cash and the rest in undrawn credit lines.

This year coupons for an amount of 2,000 million euros will expire, 900 million in the parent company and 1,100 million in its subsidiaries.

At the beginning of the year, the company already launched a first issue of 500 million euros, in this case for its French subsidiary Holding d'Infrastructures de Transport (HIT), with the aim of refinancing those bonds, with a coupon of 4.25%. , and later the parent company issued 600 million euros in sustainable bonds at 4.12%.