Inaugural SLB issuance and intermediated tender offer for Hera S.p.A. led by Mediobanca

Hera successfully issued its inaugural € 500m Sustainability-Linked Bond maturing in Apr-34 (long 12-year tenor), rated BBB+/Baa2 by S&P and Moody’s respectively.
The overwhelming response of the investor base (over 4.0x oversubscription rate) demonstrates the market’s appreciation for the credit and allowed Hera to set the final terms of the notes 25bps inside IPTs level, resulting in an extremely attractive coupon of just 1.000% 

The new issuance has been launched in parallel with a tender offer exercise on the four outstanding notes maturing in Jul-24 (green), Oct-26, Jul-27 (green) and Jan-28, which exceeded company’s expectations with over € 350m notes tendered (of which Hera accepted € 300m in line with the cap provided)

Mediobanca benefits from a privileged relationship with the issuer, having led every Hera’s capital markets transactions since 2013 (7 bond issuances and 4 LMEs).