VINCI successfully issues an inaugural £800 million bond, in two tranches of respectively £400 million at 8 years and £400 million at 15.5 years
8 March 2019 - 8:00 am - Finances
In the context of the upcoming acquisition by its subsidiary VINCI Airports of a 50.01% shareholding in London Gatwick Airport, VINCI has successfully issued a £800 million bond, divided between a £400 million bond maturing in March 2027 and carrying an annual coupon of 2.25%, and a £400 million bond maturing in September 2034 and carrying an annual coupon of 2.75%.
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.
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.
The joint bookrunners for the deal are: NatWest Markets, RBC Capital Markets (Global Coordinators), BNP Paribas and HSBC.
VINCI is a global player in concessions, construction and energy businesses, employing more than 217,000 people in some 100 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.