Aedas Homes has reduced its gross debt by 70 million euros through a partial repurchase of its green bond, issued in May 2021, with an initial issuance of 325 million euros and an annual interest rate of 4%, with a maturity of more than five years. Following this transaction, the balance of the bond has been reduced to €255 million.
The developer acquired 68.4 million euros worth of bonds from the bondholders who participated in the offer made between March 20 and 27, at a maximum price of 99% of the nominal value. To this volume must be added €1,564,000 raised in open market transactions during February.
María José Leal, CFO of Aedas Homes, states that, “With this partial repurchase of the bond, Aedas Homes once again demonstrates its financial strength. The company reduces its existing gross debt by optimizing the financial cost. The credit rating for the issuance of this bond by S&P, Fitch and Moody's was BB-, BB and Ba2, respectively, the highest in the developer sector in EMEA, maintained since its issuance".
The offer deadline was Wednesday, March 27, and acceptance results were published the following day. Aedas will make payment of the repurchased bonds and their redemption, together with those acquired in other repurchase transactions in February, on Wednesday, April 3, totaling 70 million euros in 'repayments'.
This shareholding is part of the company's strategy to maintain an appropriate level of leverage and offer an attractive remuneration to its shareholders.
The reduction in gross debt came shortly after Aedas Homes paid a dividend of €2.25 gross per share for the results of fiscal year 2023/24, which ends March 31, resulting in a total remuneration of €97 million.
