Lamda’s 7-year “green” bond, for which subscriptions were completed today, was oversubscribed by 3.12 times. According to the company’s announcement, the offers reached 718.5 million euros, while the interest rate was 4.7%.
In detail, according to the relevant announcement:
Eurobank, Piraeus Bank, Alpha Bank and “EUROXX Securities A.E.P.E.Y.”, as Coordinators of the Main Underwriters of the Public Offer for the issuance of a Joint Bond Loan, under the Green Bond Framework of the company “LAMDA DEVELOPMENT – ANONYMOUS COMPANY FOR HOLDINGS AND DEVELOPMENT OF REAL ESTATE” (the “Company”) and the listing of the bonds issued by the Company for trading in the Fixed Income Securities Category of the Regulated Market of the Athens Stock Exchange, after the completion of the Public Offer on 07.08.2022, announce, in accordance with article 17 par. 2 of Regulation (EU) 2017/1129, that a total of 230,000 intangible common anonymous bonds of the Company with a nominal value of €1,000 each (the “Bonds”) were allocated, resulting in the raising of capital of €230 million.
The total valid demand expressed by investors who participated in the Public Offering amounted to €718.5 million, marking an overcoverage of the Issue by 3.12 times.
The sale price of the Bonds has been set at even, i.e. €1,000 per Bond. The final yield of the Notes was set at 4.70% and the interest rate of the Notes at 4.70% per annum.
The Bonds were allocated as follows: a) 170,000 Bonds (73.9% of all issued Bonds) were allocated to Private Investors, and b) 60,000 Bonds (26.1% of all issued Bonds) were allocated to Special Investors.
It is recalled, as reported yesterday by Capital.gr, the raised funds will finance investments in green energy, sustainable buildings and systems that create a “smart” energy city in Hellinikon, in the context of the largest urban regeneration that is in full progress in Europe.
(i) Sustainable buildings and sustainable urban exteriors. These relate to the development and construction of new buildings or the energy upgrade of the Group’s existing buildings (i.e. shopping centers and marinas and/or existing buildings within the Metropolitan Pole), which have or will obtain international sustainability certifications or will improve their energy performance efficiency, reducing the demand for primary energy and/or adapting them to conditions that are formed due to the phenomenon of climate change, as well as the development of sustainable urban outdoor spaces that will secure natural resources and contribute to the containment of climate change, according to criteria of the green bond framework. For the investments of this category, an amount of between 85 million euros and 110 million euros of the net raised funds of the KOD will be allocated, until the end of the year 2025.
(ii) Green energy. Investments in this specific category concern the licensing, acquisition (such as indicative purchase of a plot of land, acquisition of a company, etc.), construction, development and installation of production units and energy facilities from renewable sources and/or hydrogen production and energy storage units (facilities where stored energy from RES or hydrogen and is returned later), to cover the energy needs of the Hellinikon Project as well as the rest of the Group’s properties (shopping centers, marinas). For the investments of this category, an amount of between 65 million euros and 85 million euros of the net funds raised will be allocated until the end of the year 2025.
(iii) Smart city. The investments in this category concern the acquisition, construction, development and installation of intelligent systems in the Hellinikon project with the aim of reducing consumption and saving energy, reducing greenhouse gas emissions, preventing and controlling pollution and sustainable use and protection of water resources. The investments, which will be partially financed by the funds of the KOD, will indicatively include intelligent control and management systems for energy, water resources, pollution prevention and control, sustainable transport and/or systems that serve circular economy purposes.
For the investments of this category, an amount of between 45 million euros and 60 million euros of the KOD’s net raised funds will be allocated, until the end of the year 2025.
Source: Capital
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