Atlantica Closes the Refinancing of its Corporate Notes
May 28 2019 - 7:00AM
Atlantica Closes the Refinancing of its Corporate Notes
May 28, 2019 – Atlantica Yield plc (NASDAQ: AY) (“Atlantica”),
the sustainable total return infrastructure company that owns a
diversified portfolio of contracted assets in the energy and
environment sectors, announced today that it has completed the
issuance of its new senior unsecured note issuance facility
agreement (“NIFA”) to redeem all of Atlantica’s outstanding senior
notes on May 31, 2019. The cost of the NIFA has been hedged
at approximately 4.4%.
With the closing of the new corporate financing,
Atlantica believes it will achieve several improvements and further
financial flexibility, including:
- An anticipated cost1 improvement of approximately $4 million
per annum expected from 2020;
- A longer tenor compared with the existing financing;
- An option to capitalize up to 2 years of interest payments,
which would partially offset the cash available for distribution
(“CAFD”) impact if Mojave’s distributions were delayed and;
- A natural hedge for CAFD generated in euro.
Santiago Seage, Atlantica’s CEO, said “We are
thrilled with the new financing since it carries significant
improvements for us. We have achieved a significant cost
improvement, a longer tenor and new flexibility.”
About Atlantica
Yield
Atlantica Yield plc is a total return company
that owns a diversified portfolio of contracted renewable energy,
efficient natural gas, electric transmission and water assets in
North & South America, and certain markets in EMEA
(www.atlanticayield.com).
Chief Financial Officer Francisco Martinez-Davis
E ir@atlanticayield.com |
Investor Relations & Communication Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465 |
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, but are not
limited to, all statements other than statements of historical
facts contained in this presentation, including, without
limitation, those regarding our future financial position and
results of operations, our strategy, plans, objectives, goals and
targets, future developments in the markets in which we operate or
are seeking to operate or anticipated regulatory changes in the
markets in which we operate or intend to operate. In some cases,
you can identify forward-looking statements by terminology such as
"aim," "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "guidance," "intend," "is likely to," "may,"
"plan," "potential," "predict," "projected," "should" or "will" or
the negative of such terms or other similar expressions or
terminology. Forward-looking statements include, but are not
limited to, statements relating to: the terms of the notes, cost
savings, capitalization of interest, the hedging of the notes and
interest rate, the use of proceeds and the redemption of the
existing notes. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements speak only as of the date of this
presentation and are not guarantees of future performance and are
based on numerous assumptions. Our actual results of operations,
financial condition and the development of events may differ
materially from (and be more negative than) those made in, or
suggested by, the forward-looking statements. Except as required by
law, we do not undertake any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of anticipated or
unanticipated events or circumstances. Investors should read the
section entitled "Item 3D. Key Information—Risk Factors" and the
description of our segments and business sectors in the section
entitled "Item 4B. Information on the Company—Business Overview",
each in our annual report for the fiscal year ended December 31,
2018 filed on Form 20-F, for a more complete discussion of the
risks and factors that could affect us.
1 Calculated as the difference between the annual coupon of the
existing 2019 Notes and the contracted interest rate swap for the
new Note Issuance Facility for three years, resulting in an all-in
interest cost of approximately 4.4%, and assuming current €/$ FX
rate.
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