The dome of Acciona Energía has given the go-ahead to the signing of a subordinated intragroup loan in the amount of 500 million euros, granted by its parent company Acciona. The transaction has been notified as a related-party transaction for exceeding 2.5% of the company’s annual revenue figure and for not being within the company’s ordinary course of business.
According to the communication filed with the Comisión Nacional del Mercado de Valores (CNMV), the purpose of the loan is to strengthen Acciona Energía’s capital structure, optimize its leverage ratios, and reduce the risk associated with its debt issuances, in order to maintain its current credit ratings.
This financial instrument will have a perpetual nature and will be disbursed in a single payment within the five business days following the signing of the contract. Acciona Energía will have the right to redeem it, in whole or in part, at any time, while Acciona will not have the possibility to claim its repayment or to accelerate the maturity of any amount.
The interest will be set at 7.70% per year during the first five years. Thereafter, it will be reviewed in five-year tranches, calculated as the sum of a reference rate and an additional margin of 4.33% per year. The payment of the interest accrued will be at Acciona Energía’s discretion, which may postpone its payment without this implying contractual breaches or the application of penalties.
The audit and sustainability committee of Acciona Energía has issued a favorable opinion on the transaction, after concluding that it is carried out under conditions comparable to those of the market and that it is "fair and reasonable" from the corporate standpoint and from the perspective of shareholders other than Acciona.