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GEK TERNA Euro Medium Term Note Programme

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2026-10-26 18:03 UTC → 2026-10-27 10:09 UTC · added ~~removed~~

GEK TERNA established a Euro Medium Term Note Programme (EMTN) to expand its financing options in international capital markets. This 12-month, annually renewable programme follows the company receiving investment-grade credit ratings of BBB- from S&P Global Ratings and Baa3 from Moody’s. Following the establishment of the framework, the company proposed a potential €500 million bond issuance under the EMTN programme. The proposed instruments were expected to be 7-year, senior, unsecured, fixed-rate bonds intended for general corporate purposes. To facilitate the issuance, GEK TERNA appointed BNP Paribas S.A., J.P. Morgan S.E., and Mediobanca as Global Coordinators and Joint Bookrunners, with investor meetings scheduled to begin on October 19, 2026. On October 26, 2026, GEK TERNA successfully completed the issuance of a seven-year Eurobond totaling €500 million. The offering was oversubscribed 4.6 times, with total bids reaching €2.3 billion. This high demand allowed the group to secure a bond coupon of 4.75%. Major international institutional investors, including DWS Group, Loomis Sayles, Rothschild, and Generali, participated in the issuance. Notably, there was zero allocation to Greek banks, as the securities were distributed entirely to international investors. The proceeds are intended to cover general corporate purposes and refinance existing debt, specifically a previous seven-year bond maturing in 2027. This issuance, following a €659 million capital increase in July, strengthens the group's liquidity position, which is estimated at approximately €2.2 billion. The bond is set to mature on November 2, 2033, and is expected to be listed on the Luxembourg Stock Exchange as part of the company’s €1 billion EMTN programme.

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