Iberdrola gets €600m for bond buybacks in slow market
Iberdrola, the Spanish power company, sold a €1bn eight year in January and a €525m hybrid in February. On Wednesday it returned for a €600m 7.4 year issue, tapping into very bullish credit market conditions, despite a weak day in the markets.
The Baa1/BBB/BBB+ rated companys deal is linked to a cash buyback of up to 600m of four Iberdrola bonds, in which BNP Paribas is acting as principal on its behalf.
Investors have until June 6 to take up the offer. Iberdrola is buying back, in this order of priority,
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