Athens-listed group Metren is in the process of issuing a €500 million five-year “green” bond due in 2029.
Showing signs of a reliable and consistent partner months before knocking on the London Stock Exchange’s door, the move gives the Greek metals and energy multinational a deadline of December 1 We are on track to repay the previous issue early.
A few days ago, in an interview with Bloomberg TV, Evangelos Mytilinaios, Chairman and CEO of Metren, announced that he will submit his application for admission to LSE by the end of 2024, and that the entire procedure will be completed in 2024. It was estimated to be completed by the end of the year. He noted that the company, which has doubled in size in recent years, is looking for further growth opportunities across Europe.
Metren announced on Monday that it had instructed BNP Paribas, Citigroup and HSBC to proceed with the issuance of a five-year unsecured green bond with a nominal amount of EUR 500 million.
According to the announcement, the company intends to use the proceeds to fully repay its existing Class 1 (senior) notes with a nominal amount of 500 million euros, interest rate of 2.5%, and a maturity date of 2024. Amounts equivalent to the net proceeds drawn from the Notes will be allocated in whole or in part to financing or refinancing eligible green projects as provided in the Company’s Green Loan Program. According to the information, on Tuesday, holders of the issue, which matures on December 1, will be asked if they wish to make early repayments and be included in the new bond, and on Wednesday, the interest rate for the new issue will be finalized. It is predicted that this is likely to happen.
Analysts attribute Metren’s decision to go public (in a volatile environment due to developments in the Middle East) to the company’s dynamism and strength. Moreover, as they point out, the market treats the company as if it were investment grade, even if it’s one grade below. Fitch uplifts Metren’s credit rating to BB+ with a stable outlook, noting continued EBITDA growth despite a difficult metals and energy price environment and modest net EBITDA leverage over the rating period. was maintained.
