Aedas Homes has launched a proposal aimed at holders of its 325 million euro green bond, offering to buy back a portion of the bond up to a limit of 50 million euros. This initiative aims to reduce the company's gross indebtedness. From 19 March until 27 March, investors have the opportunity to participate in this buyback, which establishes a ceiling of 99% of the nominal value of the bond, information that has been officially communicated to the National Securities Market Commission (CNMV).
The company does not rule out the possibility of accepting a sum greater or less than the 50 million euros proposed for the repurchase of this bond, issued in 2021 with an annual interest rate of 4% and a maturity of more than five years.
The bond issue was rated credit risk by S&P, Fitch and Moody's, receiving 'BB', 'BB' and 'Ba2' ratings, respectively. After completing the settlement, Aedas Homes will proceed to redeem the volume corresponding to this bond repurchase, which will be added to other repurchase operations carried out previously.
The company maintains that the repurchase transaction, in which Goldman Sachs plays the role of dealer manager and Morrow Sodali acts as tender agent, is in line with its strategy of maintaining an appropriate level of leverage and providing attractive remuneration to its shareholders. In addition, it announced a dividend distribution of €2.25 gross per share, based on the results of the current fiscal year ending 31 March, resulting in a total remuneration of EUR 97 million.
The company's chief financial officer, María José Leal, has indicated that the main purpose of this buyback offer is to optimise and reduce the existing gross debt, which would improve the company's financial terms and costs.
