IBERDROLA OPENS SPAIN’S HYBRID SECURITIES MARKET WITH A €525 MILLION ISSUE
IBERDROLA has successfully opened the hybrid securities market in Spain after placing €525 million in the Euromarket at favourable price, terms and conditions. 90% of the issuance, solely intended for institutional investors, will be placed among foreign investors, predominantly British and German.
The transaction will be closed on 27 February, subject to certain compliance requirements and conditions used for this type of operations.
The Company continues to diversify its sources of financing, taking advantage of the Group’s strong international presence and improved market conditions.
The new securities, which will be placed among 227 investors, were five times oversubscribed, demonstrating strong investor interest in the different levels of IBEDROLA equity structure.
Once again, the Company gets European investors’ support after its well-received 2012 results and road shows in London, Frankfurt and Paris
It is a perpetual issue, with a yearly coupon of 5.75% for the first five years, very competitive for this kind of transactions. According to key rating agencies, the new securities will have 50% equity content. The placement is being managed by JP Morgan, with the collaboration of Barclays, Bank of America Merrill Lynch, Morgan Stanley and Royal Bank of Scotland as placing agents.
This new hybrid bond issue will enable IBERDROLA to strengthen its equity structure after last week’s announcement of a share buy-back programme to increase benefit per share and compensate the capital increase effect of its scrip dividend.
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