Enagas of Spain completes EUR 600 million placement

Spain’s Enagás, the operator of several LNG terminals, placed its €600 million bond issue on the market on January 23.

The issue has a 2025 maturity and bears an annual coupon of 1.25%, with an issue price of 99.08.

The issue, which falls within the Guaranteed Euro Medium Note (EMTN) programme, was closed in under two hours with final demand for over €6,000 million, more than 10 times the amount offered, Enagás said in a statement.

A portion of the bonds will be swapped for a portion of bonds from the €750 million issue with coupon payment of 4.25% and maturity in 2017.

Following the issue, 66% of the company’s debt has been secured from the capital markets, while 32% comes from long-term borrowing from public bodies (European Investment Bank and Spain’s National Credit Institute (ICO)), and 2% from bank borrowing, Enagás added.

 

Image: Enagas

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