Alantra acted as exclusive financial advisor to Audax Renovables S.A. (“Audax”), one of Spain’s leading listed energy utilities, on the issuance of €350mn high-yield bond with a 7.5% fixed coupon maturing in 2031. The bond was three times oversubscribed and proceeds will be used to repay three existing bonds maturing in 2027 and 2028.
Founded in 2009, Audax has a relevant power and gas supply business across seven European countries, complemented by a renewable power generation business combining solar PV and onshore wind assets. The company supplies electricity and gas to more than 460,000 customers, focused on B2B clients, and runs a portfolio of 1,037MW across operating and development-stage renewable assets.
Alantra supported Audax throughout the refinancing process, including rating preparation with S&P and Fitch, analysis of financing alternatives, transaction structuring, documentation, and advice throughout the placement of the bonds.
The high-yield market was selected due to liquidity and covenant flexibility. The transaction was closed in a highly volatile macroeconomic environment, with strong investor demand demonstrating the strong credit appetite from investors
Javier García Palencia, Managing Partner & CEO of Alantra Investment Banking Spain, said: “We are pleased to have supported Audax once again on a transaction that confirms our long-term relationship and continuous support with the company. This refinancing required a detailed assessment of alternatives, careful rating preparation, and strong execution in a volatile market environment. The significant oversubscription of the bond reflects the strength of Audax’s credit profile and enabled the company to secure long-term financing with enhanced liquidity and covenant flexibility.”
This transaction reinforces Alantra’s expertise in debt advisory and capital markets transactions, as well as its ability to support companies through complex refinancing processes. Recent relevant transactions include advising OHLA on the €63mn refinancing of Galería Canalejas Madrid, Grupo Incarlopsa on a €357mn long-term financing to support its growth strategy, and Afianza Asesores on a €110mn unitranche financing with BlackRock.
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