AEDAS Homes has issued its first green bond for €325 million, the highest amount in the Spanish development sector to date. This is the third issue of a green bond by a Spanish homebuilder company, following Vía Célere and Neinor. The Bond was issued at an annual interest rate of 4% with maturity in August 2026. The Bond had a significant interest from both national and international investors, resulting in an oversubscription of more than 5 times the offer.
Citigroup and Goldman Sachs, the Global Coordinators, acted as well as JP Morgan and Deutsche Bank, as Bookrunners. BBVA, Santander and Société Générale are the Passive Bookrunners while Sabadell and Bestinver are Co-Managers in the issue of the bond. The bond is listed on the Global Exchange Market (GEM) of Euronext Dublin. PKF Attest acts as the Listing Agent and Garrigues and Clifford Chances as the Legal Adviser.
Standard & Poor’s has granted the Company a B+ rating, Fitch a BB- and Moody’s a Ba2, exhibiting its high credit quality. Moreover, these rating agencies have assessed the credit risk of the green bond issue with a rating of BB-/BB/Ba2 respectively, exceeding the sector peers of the company.
The funds will be used to amortize existing corporate debt and drive the company’s business, investing in sustainable projects in accordance with the Green Bond Principles and the United Nations’ goals for 2030. This issuance complies with the company’s strategic plan which outlines ambitious targets on a three-year horizon, including 60% of its developments achieving an ‘A’ energy rating and 25% of their buildings incorporating modern methods of construction.
The company ended its financial year 2020-21 in March with its highest results in its history. Revenues amounted to €672 million, while EBITDA was €133 million and the net result amounted to €85.1 million, an increase of 123% in regard to the previous year. During the year, the company delivered 1,963 homes, positioning itself among the principal players of the Spanish development sector.
In addition to this bond, AEDAS Homes is present in Capital Markets with a €150 million Commercial Paper Programme listed in MARF, BME’s Fixed Income market, in which PKF Attest is the Registered Advisor, Coordinator of the Programme and Dealer
Source: AEDAS Homes (Read the entire post here)