BNZ gets EIB loan for 700-MW solar pipeline in Spain, Italy, Portugal
Sep 18, 2024 15:12 CESTItalian power grid operator Terna SpA (BIT:TRN) has secured EUR 850 million (EUR 912.1m) from a recent placement of hybrid green perpetual bonds to finance the development of grid infrastructure projects promoting the renewables roll-out.
The offering was four times oversubscribed, with orders received by Terna amounting to more than EUR 3 billion.
Funds from the transaction will go to finance investments related to the interconnection of renewable power plants and initiatives aiming to improve the security and resilience of the power network.
The perpetual, subordinated, hybrid, non-convertible, green bonds were placed among institutional investors. The fixed-rate securities were issued in a single tranche. They are non-callable for six years and will bear an annual coupon of 4.750% until April 11, 2030. Afterward, if not called, the bond will pay annual interests equal to the five-year Euro Mid-Swap rate plus an initial spread of 214.2 basis points. The rate will be further increased after April 11, 2050.
The hybrid bond will trade on the Luxembourg Stock Exchange.
The issuance was facilitated by Banca Akros, BNP Paribas, CaixaBank, Credit Agricole CIB, Goldman Sachs, HSBC, Intesa Sanpaolo, JP Morgan, Mediobanca, Morgan Stanley, Santander, SMBC and Unicredit Bank.
(EUR 1.0 = USD 1.073)
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