VINCI’s issue of a €750 million bond meets with great success
8 December 2011 - Finances
VINCI today launched a €750 million bond issue maturing in February 2017 with an annual coupon of 4.125%, as part of its EMTN programme.
The operation was 7 times oversubscribed and met with great success from investors (with about 400 European subscribers) despite the financial markets’ current volatility.
This success reflects investors’ confidence and support for VINCI, its business model based on the synergy between the contracting and concessions businesses, its financial strength and its credit quality, illustrated by its ratings of BBB+ (Standard & Poor’s) and Baa1 (Moody's) with outlook stable.
After having renewed its bank credit facilities for €4 billion last June for five years and made a placement of CHF200 million in November, VINCI is approaching the refinancing of its 2012 and 2013 maturities, already substantially under way, with confidence.
After those operations, the average maturity of the Group’s gross debt is close to 6 years.
The lead managers of this issue were Banco Bilbao Vizcaya Argentaria SA, BNP Paribas SA, Crédit Agricole CIB, Natixis, Royal Bank of Scotland Group Plc, Société Générale SA and UniCredit SpA.
VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.