Vía Célere has issued its first bond, being the first residential developer to a green high yield bond in the Euro market.
The 5-year, €300 million, 5.25% bond issued at par received a strong demand from international investors. The bond will be listed on the Global Exchange Market (GEM) of Euronext Dublin.
The funds will be used to finance the construction of energy- efficient residential buildings, along with the green bonds’ eligibility criteria. The issuance is in accordance with the Green Bond Principles, as published by ICMA’s Green Bond Principles and reviewed by Sustainalytics, the independent global provider of ESG and corporate governance research and ratings.
Standard & Poor’s has granted the Company a B+ rating, and Fitch a BB., exhibiting a strong business profile.
The Global Coordinators and Bookrunners are JP Morgan and Deutsche Bank. Credit Suisse, Santander, Caixabank, BBVA and Sabadell act as Passive Bookrunners. PKF Attest acts as the Listing Agent of the bond and Garrigues and Vinson & Elkins were the Legal Advisers.
Vía Célere is specialized in the development, investment and management of homes in Spain. 2020 was a year marked by Vía Célere’s growth, with earnings of €657 million and a reduction of its net financial debt by 277 million euros. The Company delivered 1,932 units, standing as the sector leader and has already sold 78% of the units expected to be delivered in 2021. Vía Célere currently has over 3,600 homes under construction and a portfolio of over 4,200 units for sale. In addition, the Company has a land bank of over 21,000 units in Spain and some areas of Portugal,
In addition to this bond issue, Vía Célere has a Commercial Paper Programme with a limit of €100 Million listed in MARF, in which PKF Attest is the Registered Advisor and Coordinator of the Programme.
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