Audax energía issues bonds for 35 million euros

Audax Energía has successfully closed a Senior Unsecured bond issue worth 35 million euros with a maturity of 5 years. This is the third bond issue for the Spanish electricity and gas sales company.
The operation aroused the interest of bondholders thanks to the positive trajectory that Audax has shown since its origins. Investors who had purchased bonds from a previous issue, in 2014, were given the opportunity to extend their investment.
The current operation allows Audax to achieve financial stability for the next three years - considering that the first deadline will be in 2022 - to restructure the debt, to diversify the sources of financing and, therefore, to be able to face new challenges and future projects in the with a view to continuous growth.
The placement of the 100% bonds demonstrates the trust that investors have in Audax Energía, especially after the announced merger with Audax Renovables – a Group company listed on the Madrid Stock Exchange – which will be fully realized in the first quarter of 2019. The new subject will benefit from the synergistic union of the energy sales activity of one and the production from renewable sources of the other.
To complete this financial operation, Audax had the support of PKF ATTEST as a certified consultant, the legal consultancy of the Garrigues firm, the financial consultancy of E&Y and companies such as Beka Finance and Ever Capital as placement entities.
The Group led by José Elias continues to focus on renewable energy: to date it manages a portfolio of development projects of approximately 1500 MWh of photovoltaic technology and is working on the negotiation of bilateral long-term energy purchase agreements such as PPAs, an acronym that stands for Power Purchase Agreement.
In May this year, the Axesor rating agency confirmed that Audax's credit rating is BBB- with a tendency towards stability; a score also validated following the company's recent operations, such as the alliance with Unieléctrica, an Andalusian company in the energy sector.