Nortegas has successfully accessed the capital markets through a bond issue in the amount of 400 million euros, maturing in 2033. The transaction received a very solid response from investors, reflecting confidence in the company's business model.
The issue was communicated to the market on Monday with an initial phase of investor meetings held over the following two days. Early Wednesday morning, the transaction was announced with an initial spread of 200 bps over Mid Swap, which was revised during execution down to 158 bps. The excellent reception from investors, with a demand of 2.16 billion euros (5.25x), allowed for the adjustment of the issue's financing cost and a successful closing of the operation.
Kutxabank Investment participated in the transaction as Joint Bookrunner, forming part of the group of financial institutions responsible for the structuring and placement of the issue. With this operation, Kutxabank Investment consolidates its activity in the debt capital markets and reinforces its positioning as a financial advisor in corporate finance transactions.
Purpose of the Issue
The proceeds will be used for general corporate purposes, including the partial repurchase of bonds maturing in September 2027, up to a maximum amount of 400 million euros, providing the company with financial flexibility and strengthening its capital structure for its ordinary business development.
Description of the Issuer
Nortegas Energía Grupo, S.A.U. is the second-largest gas distribution operator in Spain. The company operates in the regulated natural gas and LPG distribution sector, managing an extensive infrastructure network in the north of the country and serving over one million supply points.
At the close of 9M25 (first nine months of 2025), Nortegas reported sales of 144 million euros. Recurring EBITDA reached 100 million euros. Cash flow generation stood at 83 million euros, maintaining a balanced financial structure. Nortegas currently holds a BBB- credit rating from Standard & Poor’s, highlighting the strength of its financial profile within the Spanish energy sector
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