The bond issues and contracted loans are adequate to meet the Group's investment needs and, at the same time, are obtained at competitive conditions, without any interest rate risk.
Current cash and lines of credit, in addition to the resources generated by the operating and financing activities, are deemed more than sufficient to meet future financial needs.
Hera's debt is not subject to any"covenant" and the Group has also extensive committed credit lines which, as at 30 September 2020, amounted to € 650 million.
The lines of credit and the corresponding financial assets are distributed among major Italian and foreign banks, and their conditions are highly competitive.
The Group's emissions
The Group's objective is to ensure a liquidity level that can easily cover every contractual obligation, both in the normal course of business and under crisis conditions, through maintenance of available credit facilities, liquidity and rapid undertaking of negotiations with regard to loans about to mature, optimizing the cost of funding in relation to current and future market conditions.
The bond issue optimises the Company debt structure and lengthens its average maturity. The oversubscriptions of the order books and the warm welcome received by Hera show how institutional investors endorsed the industrial and financial strategy of the Company and prove how the Eurobond market represents for Hera a stable source for medium term capital.
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Euro 400 million, 10- year bond offered to qualified investors at Mid Swap Rate + 60 basis points. The credit spread at which the Group has priced the new issue is 45 basis points below the 10-year Italian.
|Issuer||Hera S.P.A.||ISIN code||XS1504194173|
|Issue Price||99.033%||Coupon Date||14-10|
|Issued ammount (€)||400 mln||Maturity Date||14/10/2026|
|Annual Coupon||0.875%||Interest Accrue Date||14/10/2017|
|Yield to maturity||0.977%|
|Rating S&P's*||BBB, Stable outlook||Listing||Luxembourg Stock Exchange|
|Rating Moody's*||Baa1, Stable outlook||Update time||14/10/2016|
* Data source: HERA SPA
- Final results of the tender offer relating to certain notes (118 Kb - PDF)
- Hera: placement of new bonds under the EMTN programme for Euro 400 million (85 Kb - PDF)
- The Board of Directors of Hera S.p.A. has authorised the issuance of new notes aimed at the early partial refinancing of certain outstanding notes (224 Kb - PDF)
- BoD resolution (184 Kb - PDF)
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. The bond has been 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).
|Issuer||Hera S.P.A.||ISIN code||XS2265990452|
|Issue Price||99.038%||Coupon Date||03-12|
|Issued ammount (€)||500 mln||Maturity Date||03/12/2030|
|Annual Coupon||0,250%||Interest Accrue Date||03/12/2020|
|Type||Straight||Yield to maturity||0.348%|
|Rating S&P's*||BBB||Listing||Irish Stock Exchange, Luxembourg Stock Exchange|
|Rating Moody's*||Baa2||Update time||03/12/2020|
* Fonte dati HERA SPA
2020 EMTN programme
The base Prospectus of the Euro Medium Term Notes Programme (EMTN Programme), with Euro 3.5 billion as maximum plafond in principal amount of notes that may be simultaneously outstanding thereunder, has been approved by the Central Bank of Ireland pursuant to the Prospectus Regulation and is available also on the website of Euronext Dublin.
- HERA EMTN Base Prospectus - 2020 Update
- By-laws of the Hera Group
- Press release: financial results as at 30 September 2020 approved
- Consolidated quarterly report as at 30 September 2020
- Consolidated half-year financial report as at 30 June 2020
- Consolidated financial statements as at 31 December 2019
- Consolidated financial statements as at 31 December 2018
The new bond issue will 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.
GREEN BOND 2014-2024
In 2014, the Hera Group issues Italy’s first green bond, whose total sum amounted to 500 million, with the aim of financing sustainability investments, in order to contribute to a better environmental through its activities. This bond met with great success, with requests coming to over three times the amount involved.
|Issuer||Hera S.P.A.||ISIN code||XS1084043451|
|Issue Price||99.464%||Coupon Date||04-07|
|Issued ammount (€)||500 mln||Maturity Date||04/07/2024|
|Annual Coupon||2.375%||Interest Accrue Date||04/07/2014|
|Type||Straight||Yield to maturity||2.436%|
|Rating S&P's*||BBB||Listing||Luxembourg Stock Exchange|
|Rating Moody's*||Baa1||Update time||27/06/2014|
Main stages of the project
• Green bond projects (426 KB)
• DNV Opinion letter (290 KB)
• The Green bond (105 KB)
• The Green bond (57 KB)
• Annual assesment report (234 KB)
• The Green bond (56 KB)
In 2017, the project financed with the Green Bond reached 500 million euro, covering the entire amount of the bond. At that time, the obligation to report on the initiatives ceased, in line with the terms set out by Green Bond Principles.
• Press release (416 KB)
• Green bond projects (978 KB)
• The Green bond (177 KB)
GREEN BOND 2019-2027
The Hera Group aims to continue in its role as a reference point for sustainable finance in Italy and in 2019, five years after issuing the country’s first “green” bond, is launching its second which will finance environmental sustainability projects in 3 areas: energy efficiency, circular economy and sustainable water resource management. Subscriptions have reached seven times the amount offered. The main stages of the project are:
|Issuer||Hera S.P.A.||ISIN code||XS2020608548|
|Issue Price||98.407%||Coupon Date||05-07|
|Issued ammount (€)||500 mln||Maturity Date||05/07/2027|
|Annual Coupon||0.875%||Interest Accrue Date||05/07/2019|
|Type||Straight||Yield to maturity||1.084%|
|Rating S&P's*||BBB||Listing||Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO|
|Rating Moody's*||Baa2||Update time||04/07/2019|
* Fonte dati HERA SPA
Main stages of the project
The second green bond issued by the Hera Group, on July 2019, amounts to 500 million euro overall. The funds are intended for financing or refinancing numerous projects, already implemented or included in the Business plan to 2022, that pursue one or more of the goals in the UN's 2030 Agenda
• Act of execution (in italian) (4000 KB)
• Final terms execution (1562 KB)
• Roadshow Green bond presentation (3917 KB)
In order to guarantee that the funds are correctly and transparently allocated, Hera has introduced a reporting on the funds allocated and the environmental performance achieved by the measures financed by the 2019-2027 Green Bond. The report has been subjected to external verification by the independent auditors of the sustainability report. The Bond funds were fully allocated and reported at 31-12-2019, as a significant portion of the bond refinanced green projects from 2017 and 2018.
- Green Bond 2019 (1331 KB)
The Group’s emissions summary
|BONDS||MATURITY (YEARS)||MATURITY DATE||ISSUE SIZE (€/MLN)||OUTSTANDING (€/MLN)||COUPON PAYMENT||ANNUAL COUPON|
|Bond||Luxembourg Stock Exchange||8||04/10/2021||500.0||249.9||Fixed, annual||3.25%|
|Bond||Luxembourg Stock Exchange||10||22/05/2023||68.0||68.0||Fixed, annual||3.375%|
|Green Bond||Luxembourg Stock Exchange |
|Bond||Not listed||15||05/08/2024||20.000 JPY||149.8||Fixed, half-yearly||2.93%|
|Bond||Luxembourg Stock Exchange||12||22/05/2025||32.0||15.0||Fixed, annual||3,5%|
|Bond||Luxembourg Stock Exchange||10||14/10/2026||400.0||400.0||Fixed, annual||0.875%|
|Bond||Non quotato||15/20||14/05/2027-2032||102.5||102.5||Fixed, annual||5.25%|
|Green Bond||Luxembourg Stock Exchange, Irish Stock Exchange, ExtraMOT PRO||8||05/07/2027||500.0||500.0||Fixed, annual||0.875%|
|Bond||Luxembourg Stock Exchange||15||29/01/2028||700.0||700.0||Fixed, annual||5.20%|
|Bond||Irish Stock Exchange, Luxembourg Stock Exchange||10||03/12/2030||500.0||500.0||Fixed, annual||0.25%|
Page update 17 February 2021
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