Report by Link Securities
The energy company has informed the National Securities Market Commission (CNMV) that it has successfully priced its issue of senior unsecured notes, with an aggregate nominal value of €350 million and maturing in 2031. The Notes will bear a fixed interest rate of 7.500% per annum, payable semi-annually in arrears on 22 May and 22 November of each year, commencing on 22 November 2026. The closing of the issue and the disbursement of the Notes are expected to take place around 22 May 2026, subject to the fulfilment of the conditions precedent customary in this type of issue.
The Notes will be issued at a price of 98.980%, plus any accrued and unpaid interest, where applicable. The funds raised by Audax Renovables through the issue of the Bonds will be used, together with cash on hand, to:
(i) fully repay (a) its senior unsecured green bonds bearing interest at 4.20% and maturing on 18 December 2027, with a total outstanding principal amount of €276.6 million, (b) its senior unsecured green bonds bearing interest at 5.80% and maturing on 17 July 2028, with a total outstanding principal amount of €12.5 million, and (c) its unsecured senior green bonds bearing interest at 5.85% and maturing on 17 November 2028, with a total outstanding principal amount of €62.6 million;
(ii) partially refinance, in an aggregate amount of €56.0 million, the promissory notes issued under the MARF and AIAF promissory note programmes;
and (iii) to pay any accrued and unpaid interest on the Existing Bonds and the Existing Promissory Notes, as well as the fees and expenses incurred in connection with the issue of the Bonds. The remaining amount required to proceed with the full redemption of the Existing Bonds will be contributed by the company from the cash balance recorded on its balance sheet.
