AEDAS Homes has launched its first green bond issue for an amount of 325 million, the highest in the Spanish development sector so far. This is the third green bond issue by a Spanish developer, after Vía Célere and Neinor. The bond, which matures in 2026 and bears an annual interest rate of 4%, has aroused great interest among national and international investors, and has been oversubscribed by more than five times. The bond has been listed on the Global Exchange Market (GEM) of Euronext Dublin.
Citigroup and Goldman Sachs, the Global Coordinators, act together with JP Morgan and Deutsche Bank as Bookrunners. BBVA, Santander and Société Générale have been the Passive Bookrunners and Sabadell and Bestinver Securities as Co-Managers. PKF Attest acted as Listing Agent and Clifford Chance as legal advisor for the transaction.
AEDAS Homes has been rated B+, BB- and Ba2, respectively, by the rating agencies Standard & Poor's, Fitch and Moody's, reflecting the company's high corporate credit quality. These agencies have also rated the credit risk of the green bond issue at BB-, BB and Ba2, outperforming its closest industry peers.
The funds obtained will be used on the one hand to repay corporate debt. On the other hand, the funds will be used to strengthen the company's business, investing in sustainable projects in accordance with the Green Bond Principles (GBP), which are aligned with the sustainable development goals set by the UN in its 2030 agenda. This operation is in line with the company's Strategic Plan, where it is expected that in 2023 60% of its developments will obtain the "A" energy rating and 25% of its homes will have industrialized construction.
The company closed the fiscal year in March 2021 with results double those of the previous year. Revenues were €672 million, while EBITDA stood at €133 million and net income at €85.1 million, up 123% on the previous year. During the year, it delivered 1,963 homes, positioning itself as one of the leading companies in the Spanish development sector.
In addition to this bond issue, AEDAS Homes is present in the capital market through its promissory notes program in the MARF with a limit of 150 million euros in which PKF acts as Registered Advisor, Program Coordinator and Dealer.
Source: AEDAS Homes(Read the full article here)
