Ivy launched a XNUMX-year bond. The placement, for 400 million euro, is part of the restructuring plan and lengthening of the average duration of the group's debt, already announced a week ago. The security, which matures in October 2016, will be priced during the day.
The price indication, initially in the 75 bps area, is included in the range between 60 and 65 bps above the mid swap rate of the same duration, thanks to demand, which has exceeded one billion euro. Hera bonds can be subscribed by the Eurosystem on the primary market, thanks to Hera's investment grade rating, which stands at Baa1 for Moody's and BBB for S&P.
Today's operation, which follows the buyback offer on two outstanding bonds concluded yesterday, is managed by Banca IMI, Bnp Paribas, Credit Agricole Cib, Deutsche Bank, Mediobanca and UniCredit.
The Hera group also announced that Hera Comm bought 100% of Gran Sasso, a Gran Sasso Energie company of Pratola Peligna (L'Aquila) which sells gas and electricity on the free market.
Gran Sasso has 15.000 gas and 3.400 electricity customers mainly in the areas of L'Aquila, Pescara and Chieti. In 2015 it achieved revenues of 9,7 million euros.
The acquisition of Gran Sasso follows those of Fucino Gas, Alento Gas and Julia Servizi and Hera thus consolidates its presence in the region by providing services to over 60 customers, which add up to the other 155 in the Marche region.
“The widespread presence on the territory and the maintenance of the flexibility typical of local companies combined with innovative services and offers more suited to customer needs developed in the management of over 2 million customers, have been the winning elements that have led us to more than double the number of our customers in 10 years” explained Cristian Fabbri, CEO of Hera Comm.
