TESTATA Bond emission

Bond emission

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Bond emission 1

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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Bond emission 2 accordion


BOND 2016-2026

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

BOND 2020-2030

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.

2020 issue

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 

2014 issue

Green bond projects (426 KB)

DNV Opinion letter (290 KB)

2014

The Green bond (105 KB)

Detail of investments financed with the Green bond (45 KB)

2015

The Green bond (57 KB)

• Detail of investments financed with the Green bond (42 KB)

2016

Annual assesment report (234 KB)

The Green bond (56 KB)

Detail of investments financed with the Green bond (47 KB)

2017

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)

Detail of investments financed with the Green bond (53 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 

2019 ISSUE

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)

Green bond press release

The Green financing framework and opinion

2019 

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.


Agency: Standard and Poor’s
Name
: Vittoria Ferraris
E mail: Vittoria.ferraris@standardandpoors.com
Name: Tuomas Ekholm
E mail: tuomas.ekholm@standardandpoors.com

Agency: Moody’s
Name
: Alessandro La Scalia
E mail: alessandro.lascalia@moodys.com

Bond emission 3

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
ExtraMOT PRO
10 04/07/2024 500.0 329.4 Fixed, annual 2.375%
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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