This Friday, Cepsa completed a bond issue for 750 million euros, with an annual coupon of 4.125% and maturity in April 2031. This is Cepsa's largest bond offering in its history, and its return to the capitals after four years.
The company led by Maarten Wetselaar, has introduced a financial innovation in this re-entry to the market such as combining the issuance of new debt with a partial repurchase of its bond maturing in February 2025, which has been well received among investors in a year without much activity in the debt market. In fact, this operation is the first in the energy sector in 2024 in Spain and the second in Europe.
“The success of this bond issue reflects the support of the investment community for the company's transformation strategy, with which we aspire to be a benchmark in the energy transition, and its confidence in Cepsa's business prospects for the coming years. years. With this operation we diversify the company's financing sources to reinforce its liquidity position, which allows us to comfortably assume our debt commitments and investment plans," commented Carmen de Pablo, CFO and Director of Strategy and Sustainability at Cepsa.
The issue will be admitted to official listing and trading on the regulated market of the Irish stock exchange, and will allow Cepsa to strengthen its liquidity position and diversify its financing sources, while increasing the average maturity of its debt, as explained by the company. it's a statement.
Cepsa needs to reinforce the capital structure of the energy company to support the ambitious investment plan of its Positive Motion transformation strategy, with which it aims to become a European benchmark in the production of green hydrogen, 2G biofuels and the deployment of a network of ultra-fast electric chargers that it is deploying from the Hydrogen Valley in Andalusia.
Cepsa has had the advice of HSBC, Santander and SMBC as global coordinators of the operation and of BBVA, BofA Securities and HSBC for the partial repurchase offer of its bond maturing in February 2025.
