Atlantica Refinances its 2019 Notes with Improved Terms and Flexibility
06 Mai 2019 - 2:34PM
Atlantica Refinances its 2019 Notes with Improved Terms and
Flexibility
May 6, 2019 – Atlantica Yield plc (NASDAQ: AY) (“Atlantica”),
the sustainable total return company that owns a diversified
portfolio of contracted assets in the energy and environmental
sectors, announced today that it has entered into a senior
unsecured note issuance facility agreement, for a total amount of
the euro equivalent of $300 million and a 6-year tenor, to be fully
subscribed by a private investor.
The notes are expected to be issued in the
second quarter of 2019 and are expected to mature on April 30,
2025. Atlantica intends to fully hedge the notes with an interest
rate swap of no less than 3 years, resulting in an expected
interest rate of approximately 4.5%. The proceeds from the notes
are expected to be used to refinance Atlantica’s existing 7.0%
senior notes maturing on November 15, 2019 (the “Notes”) and for
general corporate purposes. Additionally, under the agreement,
Atlantica may capitalize interest on the notes issued thereunder
for a period of up to two years from closing at Atlantica’s
discretion, subject to certain conditions.
Atlantica expects several improvements with this
new financing, including:
- A cost1 improvement of approximately $4 million per annum
expected from 2020;
- An option to capitalize up to 2 years of interest payments
(equal to approximately $14 million per year), which would
partially offset the cash available for distribution (“CAFD”)
impact if Mojave’s distribution was delayed;
- A longer tenor compared with the existing financing and;
- A natural hedge for CAFD generated in euro.
About Atlantica Yield
Atlantica Yield plc is a total return company
that owns a diversified portfolio of contracted renewable energy,
efficient natural gas, electric transmission and water assets in
North & South America, and certain markets in EMEA
(www.atlanticayield.com).
Chief Financial Officer Francisco Martinez-Davis
E ir@atlanticayield.com |
Investor Relations & Communication Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465 |
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, but are not
limited to, all statements other than statements of historical
facts contained in this presentation, including, without
limitation, those regarding our future financial position and
results of operations, our strategy, plans, objectives, goals and
targets, future developments in the markets in which we operate or
are seeking to operate or anticipated regulatory changes in the
markets in which we operate or intend to operate. In some cases,
you can identify forward-looking statements by terminology such as
"aim," "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "guidance," "intend," "is likely to," "may,"
"plan," "potential," "predict," "projected," "should" or "will" or
the negative of such terms or other similar expressions or
terminology. Forward-looking statements include, but are not
limited to, statements relating to: the terms of the notes, the
hedging of the notes and interest rate, the use of proceeds and the
redemption of the existing notes. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. Forward-looking statements speak only as of the date of
this presentation and are not guarantees of future performance and
are based on numerous assumptions. Our actual results of
operations, financial condition and the development of events may
differ materially from (and be more negative than) those made in,
or suggested by, the forward-looking statements. Except as required
by law, we do not undertake any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of anticipated or
unanticipated events or circumstances. Investors should read the
section entitled "Item 3D. Key Information—Risk Factors" and the
description of our segments and business sectors in the section
entitled "Item 4B. Information on the Company—Business Overview",
each in our annual report for the fiscal year ended December 31,
2018 filed on Form 20-F, for a more complete discussion of the
risks and factors that could affect us.
1 Calculated as the difference between the annual coupon of the
existing 2019 Notes and the expected 4.5% interest cost of the
hedging for the new Note Issuance Facility for three years and
assuming current €/$ FX rate.
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