Redea sale to the capital market with the issuance of green subordinated perpetual obligations for a total import of 500 million and structured in a single tranche. The energy company led by Beatriz Corredor has BNP Paribas and Citi, which are in charge of placing sustainable bonds. As reported to the National Securities Market Commission (CNMV), the nominal unit amount of each of the bonds is 100,000 euros and they will be issued at a price of 99.67% of their nominal value.
The obligations will accrue interest based on a fixed annual coupon of 4.625% (with an IRR of 4.70%), from February 7, 2023 to August 7, 2028, the first review date, payment annually with an initial payment on August 7, 2023 the listed one.
Redeia will have the option to defer the interest payments of the obligations, without this implying an event of default. The interest thus deferred will be cumulative and must be paid in certain cases defined in the terms and conditions of the obligations.
It is expected that the closing and disbursement of the Issuance will take place on February 7, 2023 and the placement banks will subscribe within the framework of the issuance. However, the group will have the capacity to amortize the obligations on certain specific dates or in certain cases provided for in the terms and conditions of the obligations.
The company follows in the footsteps of Iberdrola, which a few days ago announced the issuance of 1,000 million in perpetual sustainable bonds. The high demand allowed the annual fixed coupon to be lowered to 4.875%, compared to the price of 5.75% that the company had surveyed during the morning.