Spain’s LNG player Gas Natural Fenosa completed a hybrid bond issue worth 1 billion euros with an annual coupon of 4.125%.
The issue, which was launched on the European market, was underwritten nearly six times over, with orders from some 400 institutional investors in 23 countries. That means roughly 90% of the issue was underwritten by foreign investors, most notably investors from Great Britain, Italy, France and Germany, GNF said in a statement.
The funds received in this operation, disbursement of which is expected to take place on 18 November, will serve to strengthen the company’s capital structure, optimise its financial structure, increase its already ample liquidity and diversify its sources of finance, increasing the focus on the capital market, it added.
1 Euro = 1.246225 USD
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Pres Release; Image: Gas Natural Fenosa