Lisbon, Oct. 14, 2024 (Lusa) - Portuguese civil engineering group, Mota-Engil, on Monday completed the issue of bonds 2024-2029, linked to sustainability, with oversubscription exceeding €86 million, well above the initial offer.
The settlement of the results of the public offering of Mota-Engil 2024-2029 sustainability bonds, through a public subscription offer and a public exchange offer, took place today in Lisbon on Euronext.
"Mota-Engil realised all the objectives it had set itself, as evidenced by the high demand, which led to a significant increase [of the issue] to €80 million," said Mota-Engil's CEO, Carlos Mota Santos, at the official session.
According to the results released today, demand totalled €86,360,750.
Mota-Engil decided to increase, to €80 million, the bond loan it had launched at the end of last month, extending the number of securities to 320,000, according to an addendum to the prospectus, published on 9 October.
The document, published in the Portuguese Securities Market Commission (CMVM), states that the group decided to "increase the maximum number of bonds representing the bond loan called 'Mota-Engil Sustainability Linked Bonds 2024-2029'" to "up to 320,000 bonds and, consequently, increase their overall nominal value to up to €80,000,000".
According to the document, the bonds "will be issued as part of two offers taking place between 30 September 2024 and 11 October 2024", covering "a public subscription offer for up to 320,000 bonds, with a unit nominal value of €250 and a global nominal value of up to €80,000,000".
The operation also involves a "public exchange offer for up to 306,615 bonds, with a unit nominal value of €250 and a global nominal value of up to €76,653,750, issued by Mota-Engil on 30 October 2019, with repayment of capital on 30 October 2024, with a gross fixed interest rate of 4.375% per year".
The total value of the demand shows a ratio of 1.08 times the final value and 1.73 times the initial value.
The five-year bond issue realised a total of €80 million, enabling the group to continue its commitment to sustainability.
With regard to the subscription offer, 258 investors subscribed for around €2,500, 876 investors for between €2,750 and €5,000, 764 investors for between €5,250 and €10,000 and 1,004 investors for between €10,250 and €50,000.
There were 131 investors who subscribed for more than €50,250.
In the case of the exchange offer, 746 subscribed for €2,500, 281 for between €2,750 and €5,000, 281 investors also subscribed for between €5,250 and €10,000 and 540 for between €10,250 and €50,000, while 85 subscribed for more than €50,250.
The number of investors in the two offers totalled 4,966.
The operation counted on Caixa BI, Haitong, Millennium Investment Bank and Novo Banco as global organisers and leaders.
Carlos Mota Santos took the opportunity to thank the investors who have been present "since the first issue, renewing confidence in the solidity of the company and the management team", anticipating that perhaps next year a new issue could take place.
Settlement is scheduled for this Wednesday, the day on which the new bonds will be admitted for trading.
At the opening of the session, the listing director of Euronext Lisbon, Rita Albuquerque, said that Portuguese companies are taking advantage of the moment and the favourable market conditions to pursue their growth strategies.
Mota-Engil has been listed on the Lisbon stock market for 37 years and has a market capitalisation of over €780 million.
The shares dispersed on the market represent 25% of its share capital.
In today's stock market session, Mota-Engil shares fell 0.63% to €2.53.
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