Audax Renovables agrees a line of secured promissory notes with the ICO for 119 million
· The Instituto de Crédito Oficial (Official Credit Institution) thus guarantees the issues in the Alternative Fixed Income Market (MARF) within the framework of the promissory notes programme that Audax maintains in force for a limit of 300 million euros.
· This transaction consolidates Audax Renovables as one of the main issuers in the Alternative Fixed Income Market and enhances the company’s credit rating.
Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in 7 countries, has signed an agreement with the Instituto de Crédito Oficial (ICO) under which it will obtain a new line of financing in promissory notes secured by the entity for a nominal amount of up to 170 million euros and a guarantee of up to 119 million euros.
The agreement guarantees 70% of the promissory notes issued by Audax Renovables in the Alternative Fixed Income Market (MARF) up to that amount, within the framework of the programme that the company maintains in force for a limit of 300 million euros. This programme allows issuances to be made for a maximum of 2 years.
This transaction consolidates Audax Renovables as one of the main issuers in the MARF, offering investors promissory notes underwritten by the ICO, which enhances the credit rating and the possibility of investing in the long maturities of the promissory note curve under attractive conditions. The company thus has the support of the Instituto de Crédito Oficial, in a measure that has already been used by other large operators in our country.
Yesterday afternoon, the Information Base Supplement of Incorporation of Audax Renovables into the Alternative Fixed Income Market (MARF) was signed between the company, the Instituto de Crédito Oficial (ICO) and the MARF. The agreement was signed yesterday at ICO’s headquarters in Madrid by Enrique Blanco, on behalf of the ICO, Gonzalo Gómez on behalf of MARF, and Eduard Romeu on behalf of Audax Renovables.
The Instituto de Crédito Oficial once again demonstrates its commitment and support to Spanish companies in times of certain uncertainty, according to the current market situation.
About Audax Renovables
Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in seven European countries. It currently has a portfolio of wind farms and photovoltaic plants in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and at various stages of development, totalling 2,524 MW. In its supplying activity, the group chaired by José Elías Navarro supplies renewable energy and gas to more than 544,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia. Audax was listed on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalisation exceeds 600 million euros, and it has a team of more than 800 professionals.