Iberdrola issues EUR-700m hybrid perpetual bond

Spanish utility Iberdrola SA (BME:IBE) is issuing a EUR-700-million (USD 766.0m) hybrid perpetual bond to refinance the same amount issued in 2018.

The notes will pay a fixed annual coupon of 4.871% applied until but excluding the first reset date of April 16, 2031.

Iberdrola said the issuance was 4.8 times oversubscribed, attracting interest from more than 200 international investors. The proceeds will be used to refinance EUR 700 million issued in 2018 which will be repurchased shortly.

The placement banks were JP Morgan, Barclays, Credit Agricole, BBVA, Natwest, Deutsche Bank, Caixabank and Royal Bank of Canada.

Iberdrola’s latest fundraising activity follows the recent signing of a EUR-300-million loan with the International Finance Corporation (IFC) and a refinancing operation for EUR 5.3 billion with 33 banks.

(EUR 1.0 = USD 1.094)

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