M&G has provided €48m towards a wider financing package for German gas transmission system operator Thyssengas, as part of the manager’s strategy to deploy long-term capital into critical European energy infrastructure.
M&G participated in the seven and 10-year senior unsecured fixed rate private placement notes that form part of a wider €1.4bn financing package designed to help Thyssengas develop its gas transmission system over the long term.
The transaction is funded primarily by long-term annuity capital from M&G’s life business, alongside third-party clients – and reflects the company’s approach of deploying patient capital into high-quality, resilient and critical infrastructure that supports national economies, the investment manager said.
Thyssengas has an extensive 4,400km pipeline network across North Rhine-Westphalia, supplying approximately 20% of Germany’s population and serving around 160 industrial customers in one of Europe’s most important industrial regions.
Jérôme Dardaine, part of M&G’s infrastructure debt team, said: “This investment reflects our strong conviction in the importance of resilient energy infrastructure. Thyssengas is a key operator within Germany’s transmission network and its assets are fundamental to ensuring stable supply to industry and communities alike.
“This is our seventh transaction in Europe this year and while we continue to build our footprint across the continent, we remain focused on financing critical assets that deliver sustainable growth and resilient, long-dated outcomes for our investors.”
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