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REN issues €300m in bonds

 

REN has placed 300 million euros in five-year bonds. The result of this financing operation was considered a success and demand was twice the supply.

Gonçalo Morais Soares, CFO of REN, said, "The operation made the best of a good time in the market." He added that REN was in a "comfortable financing position" after receiving funding of 800 million euros from the China Development Bank in October.

This issue, in which demand was mainly international, shows investors' confidence in REN and strengthens the company's liquidity profile.

Mr Morais Soares acknowledged that by awarding REN a rating of BBB within the degree of investment and two levels above Portugal, Fitch rating agency also contributed to the success of the operation. "Fitch's BBB rating was excellent news and made REN the company with the best score in Portugal from the three [rating] agencies together".