By Marisa Wong
Morgantown, W.Va., Nov. 29 – Iberdrola SA announced it placed €750 million of 1% green bonds due March 2024.
The differential rate came at 77 basis points over mid-swaps, according to a press release.
Vigeo Eiris, an independent agency, certified that funds raised from the green bonds will be used for refinancing wind farm investments in Spain.
The offering was more than three times oversubscribed, the company said.
The bonds were sold mainly to large international investors, most of whom are investors in green securities.
Iberdrola has concurrently launched an offer to buy back some of its bonds due in 2017 and 2018, as separately announced. The company said it intends to improve financial costs for the next few years, extend debt duration and stagger maturity dates.
Iberdrola is a Spanish public multinational electric utility company based in Bilbao, Spain.
| Issuer: | Iberdrola SA
|
| Issue: | Green bonds
|
| Amount: | €750 million
|
| Maturity: | March 2024
|
| Coupon: | 1%
|
| Spread: | 77 bps over mid-swaps
|
| Announcement date: | Nov. 24
|
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