S&P rates Repsol notes BB+

S&P said it assigned its BB+ long-term issue rating to the proposed perpetual, optionally deferrable, and subordinated hybrid capital securities to be issued by Repsol International Finance BV, a subsidiary of Repsol SA. The two hybrid instruments amount to €750 million each.

The proceeds will be used to replace the €1 billion hybrid issued in 2015, which has its first optional redemption call date in August and for other general purposes.

“Parallel with the issuance, Repsol will launch a tender offer on the existing €1 billion hybrid issued in 2015. We understand the group's financial policy is to at least maintain its current amount of total outstanding hybrids--€2 billion,” S&P said in a press release.

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