Spain's Audax launches EUR-50m bond buy-back programme

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) on Thursday launched a bond buy-back programme to repurchase up to EUR 50 million (USD 54.4m) of its outstanding notes.

Audax said that the aim of the programme is to optimise the company’s treasury level, reduce debt and provide liquidity to bondholders who wish to sell.

The buy-back programme targets Issue Number 2 of Senior Unsecured Notes of Audax Renovables, S.A. 2020, with an outstanding balance of EUR 294.1 million and a coupon rate of 4.2% annually. The maximum number of notes that will be repurchased is 500, with a nominal value of EUR 100,000 each.

The programme will last for a maximum of 12 months from its approval date. Audax reserves the right to terminate it earlier if the maximum number of notes is acquired or other circumstances arise.

Highlighting glowing earnings in the third quarter, Audax said that it now enjoys a good liquidity position and is making progress towards its debt reduction target.

(EUR 1.0 = USD 1.087)

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