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Hera: new 500 million euro bond

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26/11/2020
Hera: new 500 million euro bond

Strong interest shown by investors towards a bond financing the Group’s projects, with orders amounting to over 2 billion. This positive reaction was fuelled by the Group’s solidity and its high sustainability profile, as recognised by its recent inclusion in the Dow Jones Sustainability Index

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The Hera Group has successfully placed a bond for qualified investors on the Eurobond market, with a nominal amount coming to 500 million euro and a 10-year maturity.

This new issue immediately met with strong interest from investors in all main European countries. In a single day, orders were indeed received for 4 times the offer. Due to the quantity and quality of the orders received, the price was set at an excellent rate, equal to the Mid Swap Rate +60 basis points, and a coupon coming to 0.25%, the lowest amount for an Italian corporate bond with an equal length to maturity.

The notes will be issued as part of the Euro Medium Term Notes Programme (updated on 24 November 2020 increasing to 3.5 billion euro the maximum principal amount of notes that may be simultaneously outstanding) and will be listed on the regulated market of the Irish Stock Exchange (Euronext Dublin) with a return set at 0.348%. The settlement is scheduled for 3 December 2020.

The notes are expected to have the same rating as the Hera Group: Moody’s rating Baa2 with a stable outlook and Standard & Poor’s rating BBB with a positive outlook.

The proceeds of the bond will be used to finance the Group’s investments in the waste management, water and energy sectors, which will introduce innovative interventions that follow up on the attention towards sustainability that has always characterized the Group’s activities.

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Hera SpA, Viale Carlo Berti Pichat 2/4, 40127 Bologna, Tel.051287111 www.gruppohera.it