Vía Célere has successfully closed a senior secured bond issuance totaling €320 million, maturing in 2031, taking advantage of a favorable market environment and strong investor demand. The rating agencies Standard & Poor’s and Fitch assigned the issuance ratings of B and BB-, respectively.
The issuance was announced to the market on Monday with an initial round of investor meetings, and the following day an initial coupon of around 5.5% was set. Strong investor interest allowed the transaction to close successfully on Wednesday, reducing the final coupon to 4.875%.
Vía Célere appointed Kutxabank Investment as a Joint Bookrunner for the transaction, working alongside other global financial institutions such as JPMorgan, Deutsche Bank, BBVA, and Santander. With this deal, Kutxabank Investment reaches 10 transactions so far this year, strengthening its position as a Financial Advisor for companies accessing capital markets.
Purpose of the Program
The transaction aims to refinance existing bank debt, distribute dividends to shareholders, and strengthen cash reserves.
Company Overview
Vía Célere is a leading real estate developer in the Spanish residential market, specializing in the development, construction, and sale of new-build housing. Approximately 56% of its activity is concentrated in Madrid, in some of the city’s most promising urban areas. Vía Célere also owns one of the largest land portfolios in the country, with the capacity to develop over 10,000 new homes, positioning it as a key player in the Spanish market.
The company closed 2024 with an adjusted EBITDA of €108.8 million, achieving a record high of 2,270 units delivered. Housing distribution by business type was 68% build-to-sell (BTS) and 32% build-to-rent (BTR). This growth allowed the company to boost revenues to €570.3 million (+58% YoY), while net profit reached €64.6 million.
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