12 January 2018

REN issues debt with demand seven times greater than supply

Today, REN issued 300 million euros in 10-year bonds, with the demand being seven times greater than the supply.

For Gonçalo Morais Soares, REN's CFO, 'The success of the bond issue of 300 million euros completed today is a reflection, on the one hand, of the market's trust in REN and in the strategy set by the Company and, on the other hand, of the chosen timing, which is connected to the success of the syndicated debt issue made by the Portuguese Government yesterday and the good performance of the Portuguese economy'.

The goal of this operation was to settle the Bridge Loan signed at the time of the acquisition of REN Portgás, and is in line with what was announced to the market when the company was acquired.

Out of the 300 million euros issued, approximately 88% were allocated to international investors, with the operation having been completed with a rate of 1.768%, below the rate of the Portuguese Government's issue.

REN is the Portuguese company with the best aggregate evaluation from the three largest global rating agencies (Fitch, Moody's and Standard & Poor's). REN's rating is at the same level as that of the Portuguese Republic, after the rise from BB+ to BBB- given to Portugal by S&P at the end of 2017.


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