Audax Renovables issues promissory notes for 65 million euros obtaining an over-demand of 130%
The company values very positively the endorsement received from the ICO and the boost from the MARF
Audax Renovables (ADX.MC), the energy group that integrates the 100% renewable electricity generation and marketing businesses, has issued promissory notes for 65 million euros, having received a demand of 84 million euros, which has forced make an important proration.
The Audax Renovables promissory note program has a limit of 200 million euros of which a 65% has been drawn down, a percentage that the company considers optimal to achieve its future objectives. The terms of this issue have been up to 24 months, having received on demand in all sections, and with a cost that has reached 0.8%.
This operation has received the endorsement of the ICO (Official Credit Institute), which is valued by Audax Renovables as very positive support and as a fundamental pillar for the success of the issue. Likewise, the company highlights the excellent collaboration and flexibility provided by the MARF (Alternative Fixed Income Market) to facilitate the operation. This close collaboration between Audax Renovables, the ICO and the MARF has firmly contributed to the excellent reception that the issue has had in the market.
Audax Renovables confirms that this issue of promissory notes will contribute to strengthening the company's liquidity and will allow it to cover all its treasury commitments until June 2021 without the need to make new issues. In this way, the company will be able to maintain a high additional cash position to undertake future investments in renewable 100% energy generation and be alert to new market opportunities.
Recently Audax Renovables has carried out important operations both in the field of renewable energy generation (with the first issuance of green bonds for the immediate construction of 8 photovoltaic parks in Toledo and Guadalajara) and in the field of its internalization with its entry into Hungary. (through the acquisition of the company E.ON Energiakereskedelmi Kft.) and with the purchase of the Portuguese marketing company PH Simples, which has placed Audax as the 6th company in the Portuguese electricity market, only behind the large traditional energy groups.
Audax Renovables maintains an excellent evolution of its business, both in generation and marketing of renewable 100% electricity, and will soon publish the results for the first half of 2020.
At a global level, the Audax Group continues with its roadmap in terms of achieving the objectives for 2022 of increasing the customer base to 500,000 and supplying a total of 15 TWh of energy. In addition, it plans to exceed 1,500 million euros in revenue, place EBITDA above 100 million euros and reduce its financial leverage. All of this with the aim of enhancing its growth, optimizing its resources and creating value for its shareholders.
