Spain: Gas Natural Fenosa Closes Bond Issue

Gas Natural Fenosa closed a bonds issue for an amount of 500 million euros with maturity in April 2021. This issue was established with an annual coupon of 3,5% and a new bond issue price of 99.82% of par value.

Demand exceeded 2.3 billion euros, with 250 orders from a wide range of institutional investors, which means that around 95% were subscribed to by international investors, most notably from Germany, France and Great Britain.

The issue, which was launched this morning, was made within the Euro Medium Term Notes (EMTN) programme, which the company renewed in November last year.

The funds received in this operation, whose disbursement is scheduled for 17 October, will serve to optimise the company’s financial structure, increase the capital market weight, lengthen the life of the debt and improve the maturities profile. All this will enable the company’s already ample liquidity to be increased.

Since June 2009, Gas Natural Fenosa has carried out more than 12.5 billion euros’ worth of issues, the vast majority of which, 11.95 billion euros, were made in European markets. The rest corresponds to debt issued in several Latin American countries where the company operates.

The average coupon of these 11.95 billion euros is 4.69%, issued on an average term of over seven years.

LNG World News Staff, October 14, 2013; Image: Gas Natural Fenosa

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