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
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.