Financial profile

In this section you will find iformation on Iren financial profile, with particular reference to Debt, Rating and oustanding bonds.

Debt

Information on Iren debt structure and cost

DEBT STRUCTURE


  • Average cost of debt 3.2%
  • Average long-term debt maturity of 5.8 years

 

Last update 16/11/2017

 

 


INTEREST RATE STRUCTURE


Debt strucuture and interest rates refer to gross financial debt.

 

 




RATING

On 15/10/2015 the Fitch agency has announced that it has assigned to the IREN Group a BBB- rating, with stable outlook.
The reason tha have led to the attribution of this "Investment Grade" rating are mainly linked to the balanced mix of Iren's Business portfolio between regulated and quasi-regulated activities, its liquidity profile, its solid shareholding structure and the Group's strategy underpinning the latest industrial plan oriented towards efficiency, integration ad debt reduction.

Agency

M/L Term

Outlook

Report

Fitch

BBB-

Stable

 view

Last update 17/10/2017

Bonds and EMTN

On 19/12/2016 Fitch has confirmed the BBB(EXP) rating (a notch higher compared to the rating assigned to the Group) to the EMTN (Euro Medium Term Note) Programme resolved by the company for an overall maximum amount of 2.000.000.000  euro, with the objective of pursuing the Group’s strategy of extending the average duration of debt while ensuring, at the same time, adequate financial flexibility for an efficient management of its debt portfolio.

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BOND

cod ISIN

Issue quantity (€)

Outstanding ammount (€)

Annual coupon (%)

Maturity at issue (years)

Maturity date

Issue price (%)

Rating

Green Bond XS1704789590 500,000,000 500,000,000 1.5 10 24/10/2027 98.356 BBB

Eurobond 2024

XS1511781467

500,000,000

500,000,000

0.875%

8

04/11/2024

98.974

BBB

Eurobond 2022

XS1314238459

500,000,000

359,634,000

2.75%

7

02/11/2022

99.398

BBB

Eurobond 2021

XS1086104681

300,000,000

181,836,000

3.00%

7

14/07/2021

99.225

BBB

Private Placement

XS0979548954

260,000,000

167,870,000

4.37%

7

14/10/2020

100.783

Not applicable

Private Placement

XS1030889411

100,000,000

89,100,000

3.00%

5

11/02/2019

98.728

Not applicable

 

 

GREEN BOND

On the 26th of September, IREN’s Board of Directors has given the green light to the renewal of the non-convertible bonds emission programme named Euro Medium Term Notes Programme, increasing the maximum amount of issuable bonds to 2,000 million euros overall.

 

On the 17th of October 2017 IREN issued its first 500 million euro Green Bond under the above-mentioned EMTN Programme. The Green Bond is an innovative tool to finance/refinance environmentally sustainable projects. These characteristics are certified by an external certification company (DNV GL). Please, find below the main documents related to this bond emission: the "Green Bond Framework", the "Second Party Opinion" prepared by DNV GL and the related annexes.

 

DNV-GL Second party opinion    Green Bond Framework    Appendix 1 - Use of proceeds     Appendix 2 - KPIs list     Appendix 3 - Minimum KPIs level     Appendix 4 - Green Bond Projects

 

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