Vinci: completes £800m bond issue
(CercleFinance.com) - Vinci has announced a successful inaugural bond issue of 800 million pounds, spread between a 400 million pound strain, maturing in March 2027 with a 2.
25% coupon and a 400 million pounds strain, maturing in September 2034, with a coupon of 2.75%.
This bond issue is to help finance the upcoming acquisition by its subsidiary Vinci Airports of a 50.01% stake in London Gatwick Airport.
"The issue was oversubscribed more than 3 times, confirming investor confidence in VINCI's credit quality. The company is rated A- by Standard & Poor's with positive outlook, and A3 by Moody's with stable outlook," the group said.
"This issue will enable VINCI to continue decreasing the cost of its debt and extend its average maturity in a favourable market environment, and to diversify its sources of funding, by accessing for the first time the GBP bond market," management added.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
25% coupon and a 400 million pounds strain, maturing in September 2034, with a coupon of 2.75%.
This bond issue is to help finance the upcoming acquisition by its subsidiary Vinci Airports of a 50.01% stake in London Gatwick Airport.
"The issue was oversubscribed more than 3 times, confirming investor confidence in VINCI's credit quality. The company is rated A- by Standard & Poor's with positive outlook, and A3 by Moody's with stable outlook," the group said.
"This issue will enable VINCI to continue decreasing the cost of its debt and extend its average maturity in a favourable market environment, and to diversify its sources of funding, by accessing for the first time the GBP bond market," management added.
Copyright (c) 2019 CercleFinance.com. All rights reserved.