Naturgy has completed what constitutes the largest refinancing in its history. The company has already completed the debt buyback announced last week, after which it also carried out a bond issue.
The company has repurchased several debt issues maturing between 2025 and 2028 for an amount exceeding 1,000 million euros.
The energy company attracted strong demand in the latest bond issue. Actually it was meto increased demand for Spanish bonds since February and the company says that “this demonstrates investors’ interest in Naturgy’s story.” Total final demand reached 7 billion. The operation was preceded by a roadshow with over 35 investors and has involved three reductions in profitability since the initial announcement. Since their issue, the price of the new bonds has not undergone any correction.
The whole of the two operations, as the company itself explains, “will generate a positive impact on the P&L of around 17 million euros and allows the group to extend maturities to 6.6 years.
“The successful exploitation of liability management This is a clear demonstration of the strong interest that investors have in our group. This result not only strengthens our position in the market, but also underlines the confidence placed in our strategy. We are very proud of this achievement, which positions us favorably for future challenges and which reflects the excellent work carried out by the Financial Markets and Corporate Development team”, explains Steven Fernández, General Manager of Financial Markets and Corporate Development of the company.
