Today Ferrovial successfully completed an 10-year 300 million euro senior bond issue, placed at 113 basis points over mid-swap, with a coupon of 2.5%.
The order book was very diversified, and the deal was extremely well received by international investors. More than 84% of the issue was placed outside Spain, primarily in Germany, France, United Kingdom, and Switzerland.
Yesterday, Fitch Ratings upgraded Ferrovial's Long-term Issuer Default rating from BBB- to BBB, outlook stable. S&P also upgraded the company's rating a few months ago.
In 2013, Ferrovial successfully completed two 500 million euro bond issues, in January (5 years) and May (8 years), both paying a 3.375% coupon. The funds raised enabled the company to optimise the corporate debt maturities calendar, reduce its cost and practically eliminate all bank debt. The company does not have any major payments due until 2018 and 2021.