Telpark has successfully completed a placement of senior secured bonds for a total amount of 540 million euros, with a five-year maturity and a 4.75% coupon, intended to prepay its current fixed-rate debt tranche, as communicated this Tuesday.
The bond tranche to be refinanced was issued in January 2020 and had a maturity date of 2028. With this new operation, the company will be able to repurchase the currently outstanding fixed-rate bonds for a notional amount of 475 million euros, as detailed in a submitted note.
The firm specializing in the development of urban mobility ecosystems indicates that the funds raised will be used to cover transaction-related costs, amortize the drawn amount of the revolving credit line, and maintain a cash position that will allow it to "address future opportunities" for inorganic growth.
In parallel, within the same operation, Telpark has carried out a 'satisfaction and discharge' process on the outstanding bonds, which will be repurchased below par, generating a gain for the company, as it emphasizes.
"This operation reflects the strength of our business model and the confidence that markets place in our company," states Telpark's CFO, Íñigo Duque.
"With it, we optimize our financial structure and strengthen our capacity to continue growing with the aim of continuing to build a stronger, more agile company, and better positioned to lead urban mobility in the Iberian Peninsula," he adds.
J.P. Morgan and Morgan Stanley acted as global coordinators in the operation, while BNP Paribas and Bank of America participated as placement agents.