Atlantica Yield places $300 million euro equivalent of six-year notes

By Angela McDaniels

Tacoma, Wash., May 28 – Atlantica Yield plc completed the issuance of its new six-year senior note issuance facility agreement, according to a company news release.

The amount of the facility is the euro equivalent of $300 million.

On May 6, the company said the facility would be fully subscribed by a private investor.

Proceeds will be used to redeem all of Atlantica’s outstanding 7% senior notes due Nov. 15, 2019 on May 31 and for general corporate purposes.

The cost of the facility agreement has been hedged at about 4.4%.

Atlantica said the refinancing provides the following:

• An anticipated cost improvement of about $4 million per year expected from 2020;

• A longer tenor;

• An option to capitalize up to two years of interest payments; and

• A natural hedge for cash available for distribution generated in euros.

Brentford, England-based Atlantica Yield owns a portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets.

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