Audax energía issues bonds for 35 million euros

Audax Energía has successfully closed a €35 million Senior Unsecured bond issue with a 5-year maturity. This is the third bond issue for the Spanish electricity and gas sales company.
The deal attracted the interest of bondholders thanks to the positive trajectory that Audax has shown since its inception. Investors who had purchased bonds from a previous issue, in 2014, were given the opportunity to extend their investment.
The current operation allows Audax to achieve financial stability for the next three years - considering that the first maturity will be in 2022 - to restructure the debt, to diversify the sources of financing and, therefore, to be able to face new challenges and future projects with a view to continuous growth.
The placement of the 100% bonds demonstrates the confidence that investors have in Audax Energía, especially after the announced merger with Audax Renovables – a Group company listed on the Madrid Stock Exchange – which will be fully implemented in the first quarter of 2019. The new entity will benefit from the synergic union of the energy sales activity of one and the production from renewable sources of the other.
To complete this financial operation, Audax had the support of PKF ATTEST as certified consultant, legal advice from the Garrigues firm, financial advice from E&Y and companies such as Beka Finance and Ever Capital as placement agents.
The Group led by José Elias continues to focus on renewable energy: today it manages a portfolio of development projects of approximately 1500 MWh of photovoltaic technology and works on the negotiation of long-term bilateral energy purchase agreements such as PPAs, an acronym for Power Purchase Agreement.
In May of this year, the rating agency Axesor confirmed that Audax's credit rating is BBB- with a tendency towards stability; a rating also validated by the company's recent operations, such as the alliance with Unieléctrica, an Andalusian energy company.