Terna launched Thursday a 100 million euro bond with expiration at 5 years, which will pay an annual coupon of 3,44%, with a spread of 91 basis points over the midswap. The company that manages the national electricity grid made it known in a note.
Terna Bond: rating and settlement date
The issue, at a fixed rate, took place in the form of a private placement and is part of Terna's "Euro Medium Term Notes Program", which amounts to a total of nine billion euros and which has been assigned a "BBB+" rating by Standard and Poor's , “(P)Baa2” from Moody's and “A-” from Scope. The securities will mature on 22 September 2027, while the settlement date of the issue is scheduled for 22 September next.
Terna Bond: destination of the proceeds
The proceeds of the bond will be used by Terna "to cover the needs of the Business Plan and to satisfy the ordinary financial needs of the group - continues the note - helping to optimize the financial management" of the company.
Upon issue, an application will be made for the securities for admission to listing on the regulated Luxembourg Stock Exchange.
