Audax Renovables has closed a new 'revolving' financing line for an amount of 75 million euros with an initial term of three years, as the company communicated this Thursday.
The company considers this operation a new "milestone" within its strategy of optimizing its financial structure and strengthening liquidity, which is in addition to the recent refinancing of its long-term debt through the issuance of senior bonds for 350 million euros.
The company chaired by José Elías has detailed that the resources available through this credit line may be used to cover general corporate needs and working capital of Audax, although its objective is to maintain it mainly as a liquidity support instrument and not as a usual source of financing.
Banking syndicate and destination of funds
The purpose of the operation is to use the cash that the company holds in current accounts for prudence reasons in the repayment of short-term financial debt, especially commercial paper. In this context, the funds associated with the 'revolving' line will function as a liquidity cushion.
The financing has been structured through a syndicate formed by seven financial entities: ABN Amro Bank, BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC Continental Europe, Banco Santander, and Banca March, which have acted as global coordinators and original lenders.
ABN Amro Bank will assume the role of agent for the financing, while Alantra has acted as financial advisor for the transaction and Garrigues has provided legal advice to the company.
The general director of Audax, Óscar Santos, has indicated that with this operation they "continue to execute their financial strengthening strategy."
"The combination of the recent issuance of senior bonds and this new 'revolving' line provides us with greater flexibility to manage our liquidity, progressively reduce short-term financing, and continue supporting Audax's growth from an even stronger financial position," he added.