Eurogrid €890 million multi-tranche bond issue

Overview:

• Berlin based energy company, Eurogrid, sold €890 million in bonds in two issues to generate funds for the development of Germany's offshore electricity transmission system.  
• The larger €750 million bond has a coupon of 1.625% and matures in November 2023.
• The smaller €140 million bond has a coupon of 2.625% and matures in November 2030.
• The bonds will enable Eurogrid to provide finance to its subsidiary 50Hertz, an electricity transmission system operator for north and east Germany.  
• 50Hertz intends to invest more than €5 billion in the next 10 years in enhancing its transmission infrastructure. 
• ING, Rabobank, Unicredit, Commerzbank, Helaba, MUFC, and RBS were arrangers on the transaction. 
• Eurogrid issued the bonds, which were listed on the Luxembourg Stock Exchange, under its €5 billion debt issuance programme, launched in 2015.  
• Belgian listed company Elia indirectly owns Eurogrid. 

Ben Naylor - Regional Editor