GEK Terna completes €500 million eurobond issuance

GEK Terna eurobond issuance institutional investors infrastructure investment capital markets

GEK Terna has successfully completed the issuance of a seven-year eurobond valued at €500 million. The offering saw significant international demand, with total bids reaching €2.3 billion, representing a 4.6-fold oversubscription.

The high demand allowed the group to secure more favorable financing terms than initially indicated, resulting in a final annual coupon of 4.75%. Major international institutional investors participated in the issuance, including DWS Group, Loomis Sayles, Rothschild, and Generali. Notably, there was zero allocation to Greek banks, a first for a eurobond issued by a Greek entity, highlighting the strong interest from the international investment community.

The proceeds are intended to cover general corporate purposes and refinance existing debt, specifically a previous seven-year bond maturing in 2027. The new bond is set to be listed on the Luxembourg Stock Exchange and matures on November 2, 2033. This successful issuance, following a €659 million capital increase in July, strengthens the group's liquidity position, which is estimated at approximately €2.2 billion.

Entities

DWS Group · GEK TERNA · Generali · Loomis Sayles · Rothschild

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] A €500 million bond issuance received €2.3 billion in bids, representing a 4.6 times oversubscription. www.capital.gr · www.parapolitika.gr
[● 2 SOURCES] The next major parent-level debt maturity of €300 million is scheduled for December 2028. www.capital.gr · www.parapolitika.gr
[● 2 SOURCES] The Group's available liquidity is approximately €2.2 billion. www.capital.gr · www.parapolitika.gr
[○ 1 SOURCE] S&P and Moody’s have granted the Group investment grade ratings. www.capital.gr
[● 2 SOURCES] More than 95% of the demand for the capital increase came from international investors. www.capital.gr · www.parapolitika.gr
[● 2 SOURCES] GEK TERNA attracted €5.3 billion in total investment demand over the last four months. www.capital.gr · www.parapolitika.gr
[● 2 SOURCES] A €659 million capital increase in July attracted approximately €3 billion in offers. www.capital.gr · www.parapolitika.gr