Assured Guaranty Wraps Third Guaranteed Solar Bond Transaction in Spain
June 05 2020 - 12:00AM
Business Wire
€304 million guaranteed debt refinancing of 8
solar plants in Spain
Assured Guaranty (Europe) SA (AGE SA)*, an indirect subsidiary
of Assured Guaranty Ltd. (together with its subsidiaries, Assured
Guaranty), announced that it has guaranteed principal and interest
payments on approximately €304 million of bonds issued on 4th June
2020 by FSL Issuer S.A.U. (the Issuer), an entity owned by a group
of shareholders led by Qualitas Venture Capital. As a result of
Assured Guaranty’s wrap, the bonds are rated AA by S&P Global
Ratings. The underlying project is rated BBB.
The 21-year fixed-rate bonds took advantage of low long-term
interest rates and were privately placed in the UK. Application has
been made to list the bonds on the Open Market (Freiverkehr) of the
Frankfurt Stock Exchange. The issuance represents Assured
Guaranty’s third transaction in the renewables industry in Spain in
the last twelve months.
The portfolio comprises 8 photovoltaic solar plants spread
across a number of provinces in Spain. All plants benefit from the
2013 Spanish Regulatory Regime, which provides the project with
payments from the Spanish Electricity System in order to achieve a
predetermined level of return. The contractor responsible for the
operations, maintenance and asset management of the project is FSL
Desarrollos Renovables S.L., a wholly owned subsidiary of Qualitas
Group.
The transaction is guaranteed by Assured Guaranty’s European
insurance company, Assured Guaranty (Europe) SA, which is domiciled
in Paris. AGE SA is rated AA by S&P Global Ratings and AA+ by
Kroll Bond Rating Agency.
Dominic Nathan, Managing Director, Infrastructure Finance,
Assured Guaranty, commented:
“We’ve now completed three renewable energy transactions in
Spain in just twelve months, confirming our aim to strengthen our
presence in the country. We are particularly pleased with the
execution of this transaction in the current environment because it
exemplifies Assured Guaranty’s ability to continue adding value for
sponsors and investors despite the prevailing market
conditions.”
Nick Proud, Directeur Général, AGE SA, and Senior Managing
Director – International and Structured Finance, Assured Guaranty,
commented:
“The transaction reinforces even further our relationship with
the Qualitas Group, a leader in Europe’s PV Solar energy sector. We
expect to continue developing a strategic role in an industry
poised for substantial growth in the forthcoming years.”
AGE SA’s legal advisers on the transaction were Linklaters
LLP.
The Issuer was advised by Watson Farley & Williams Spain,
S.L.P.
The Bond Joint Lead Managers in the transaction were Banco de
Sabadell, S.A. and Banco Santander, S.A.
IMPORTANT NOTICE
All of the securities have been sold, and this announcement
is for information purposes only. This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended ("Securities Act"), or with any securities regulatory
authority of any state or jurisdiction of the United States, and
may not be offered, sold or transferred, directly or indirectly, in
the United States absent registration under the Securities Act or
an available exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and the
securities laws of any state or other jurisdiction of the United
States.
*AGE SA (a société anonyme à Conseil d'administration, company
number 852 597 384 RCS Paris) is an insurer authorised and
regulated by the Autorité de Contrôle Prudentiel et de
Résolution.
Through its insurance subsidiaries, Assured Guaranty Ltd.
(AGL) is the leading
provider of financial guarantees for principal and interest
payments due on municipal, public infrastructure and structured
financings. Through other subsidiaries, AGL provides asset
management services. AGL is a publicly traded (NYSE: AGO),
Bermuda-based holding company. More information on AGL and its
subsidiaries can be found at AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release
reflect AGL’s current views with respect to future events and are
made pursuant to the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. These risks
and uncertainties include, but are not limited to, those resulting
from AGL and its insurance subsidiaries’ inability to execute their
strategies; the demand for their financial guarantees; adverse
developments in their guaranteed or investment portfolios; actions
that the rating agencies may take with respect to AGL’s insurance
subsidiaries’ financial strength ratings; adverse developments in
AGL’s asset management business; and other risks and uncertainties
that have not been identified at this time, management’s response
to these factors, and other risk factors identified in AGL’s
filings with the U.S. Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which are made as of 5 June 2020. Assured Guaranty
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200604005765/en/
Investor Relations: Robert Tucker, +1 212-339-0861 Senior
Managing Director, Investor Relations and Corporate Communications
rtucker@agltd.com
Media: Ashweeta Durani, +1 212-408-6042 Vice President,
Corporate Communications adurani@agltd.com
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