CA Immo successfully placed a €350m fixed rate senior unsecured green bond with a 5.5-year maturity and an annual coupon of 4.25%. The issuance was almost 5 times oversubscribed at final terms, with strong demand from around 150 investors.
The bond will trade on the Official Market of the Vienna Stock Exchange. The international rating agency Moody’s Ratings has assigned an investment grade rating of Baa3 to the bond.
CA Immo intends to use the net proceeds of the bonds in particular for the refinancing of the outstanding €350m green bond maturing in 2025. An amount equal to the net proceeds will be used to finance or re-finance in whole or in part a portfolio of eligible projects as defined in the Green Financing Framework dated April 2024.
Concurrently, the Company has decided to invite holders of its outstanding green bond 2025 (€350m, 1.000%) to offer the Company to repurchase up to €75 of the outstanding bond against cash payment.
Andreas Schillhofer, CFO of CA Immo: “In light of the substantially improved market conditions for unsecured financing in recent weeks, we were able to act from a position of strength. This successful transaction once again demonstrates CA Immo's strong market access for unsecured green financing. The new green bond will be used to refinance the outstanding green bond maturing in October 2025, thus further strengthening the financial profile. A solid balance sheet with a well-managed maturity profile also provides the basis for further organic growth, as also recently demonstrated with the latest construction start of the prime office project Anna-Lindh-Haus at Berlin's main railway station, which is being developed in line with strict sustainability criteria.”
J.P. Morgan and Crédit Agricole CIB acted as Joint Global Coordinators. Deutsche Bank, Natixis and Raiffeisen Bank International acted as Joint Bookrunners. Crédit Agricole CIB acted as Sole Green Structurer. Sustainalytics has provided the Second Party Opinion on the Company’s Green Financing Framework.
Image source - Pexels.
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