Spanish property developer Neinor Homes has successfully completed the voluntary offer for the buyback of its green bond, increasing its offer from the initial €100 mln to €130 mln.
The offer closed at an average price of 94.58%, representing a yield-to-maturity of 6.2%.
Considering the nominal value of €27 mln for the bond buyback, Neinor was able to repurchase €157 mln, or 52% of the total issue, with the aim of cancelling debt.
The operations will generate financial savings of €38 mln, including the implicit capital gains from the discount and the reduction of interest expenses until 2026.
Thanks to the discount, the transaction will reduce Neinor Homes’ reported adjusted net debt by €7 mln, representing -2% and an loan-to-value of 18.6%.
Following the latest adjustments of the debt structure, Neinor Homes faces no corporate refinancing or interest rate risks until 2026 and guarantees financial savings of up to €50 mln until 2026.
The company’s cash position stood at €201 mln at the end of 2022.
