Sanef closes 600 million 10 year bond issue with 1.875 coupon

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Sanef closes 600 million 10 year bond issue with 1.875 coupon

Sanef, the French company controlled by Abertis through a 52.55% stake in Holding d'Infrastructures de Transport (HIT), closed last week a public bond issue of over 10-year bonds for a total amount of €600 million, maturing in March 2026, and paying an annual coupon of 1.875%. This is a very competitive cost, below the Group's cost of debt. The issue closed with an oversubscription of over 6x.

This is the first public issue of bonds carried out directly by Sanef and its net proceeds will be used for the repayment of its existing debt, which has an average cost of 4.7%.

The issue allows the company to extend the debt's maturity profile, deliver on its active balance sheet management strategy and illustrate the company's ability to finance itself at attractive conditions and continue creating value for its shareholders.

Last 22 September, Sanef's parent company, HIT SAS, closed a public bond issue of 10-year bonds (maturing in March 2025) and paying an annual coupon of 2.25% for a total amount of €200 Mn. In a parallel transaction, HIT rebought previously issued bonds maturing in March 2018 with a 5.75% coupon for a total amount of €250 Mn.

In the last two years, Abertis has completed debt refinancing deals -both corporate and on its subsidiaries- for more than €3,000 million.

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