MADRID, 6 Ago. (EUROPA PRESS) -
Iberdrola has reduced its debt maturities in 2023 to less than 2,000 million euros, after obtaining 4,855 million euros of new financing and extending the duration of 6,100 million euros so far this year.
Specifically, the electricity company chaired by Ignacio Sánchez Galán has received the support of the market, having executed some 30 operations between loan extensions and new financing in the period.
Thus, in the first quarter of the year, the group placed 1,000 million euros in hybrid bonds, 309 million euros in bank bonds, signed 205 million euros in multilateral loans and 115 million euros in loans from development banks and credit agencies. export credit (ECA), according to the documentation submitted by the company to the National Securities Market Commission (CNMV).
For its part, in the second quarter, it issued senior bonds for 941 million euros -including the 850 million euros it placed on July 4- and agreed to 242 million euros in bank loans, 1,152 million euros in multilateral loans and 91 millions of euros in loans from development banks and export credit agencies.
Added to these operations is the loan with Citi and shielded by the Norwegian export credit agency Eksfin for 500 million euros, signed on July 25. After June 30, it also signed a bilateral loan of 300 million euros, as stated in the consolidated interim financial statements deposited with the stock market supervisor. In addition, the electric company highlighted that it has "margin for additional bank financing and access to new markets."
In this way, after the activity so far this year, Iberdrola had reduced its debt maturities for this year to 1,965 million euros at the end of June, while 23,347 million euros mature in 2028 or later.
In addition, the group chaired by Ignacio Sánchez Galán has a strong liquidity position for a total of 20,290 million euros that covers its financial needs for 21 months in the base case and 19 months in the risk scenario.
The company also maintained activity in the promissory notes markets at the end of the second quarter, with an outstanding balance in the European program of 2,948 million euros and 1,869 million dollars (about 1,707 million euros) in the US program.
The company thus highlighted in the documentation sent to the CNMV that "issuance levels continue to be competitive, despite the volatility derived from rate hikes by central banks."
Likewise, Iberdrola increased the generation of operating cash flow in the first half by 21%, excluding the recovery of the hydroelectric canon in 2022, to 5,731 million euros. This prompted the improvement in financial ratios: the generation of cash on net debt rose to 24.9% from 24.7% in June last year.
In this regard, he assured in a document sent to the stock market supervisor that "additional improvement in financial ratios is expected by the end of the year as asset rotation transactions are collected."
