Azienda Solare Italiana spa (ASI), as Antin Solar Investments, issued 125 million euros of new project bonds which are to be listed today on the ExtraMot Pro, a multilateral trading facility by Borsa Italiana. ASI is a solar photovoltaic investment platform in Italy owned by Quercus Swiss Life Italian Solar srl, in turn a joint venture between Quercus Assets Selection and Swiss Life Asset Managers after Antin Infrastructure sold the company in December 2015.
The new bonds have been issued in two tranches: a 100 million euros one, paying a 3.054% coupon and a 25 million euros tranche paying an euribor 6 months plus 250 basis points coupon, both maturing in January 20130 with an amortizing structure.
The Admission document explains that the net proceeds of the issue will be used to refinance SPVs owning the existing solar plants as the company announced at the beginning of December in a press release.
Antin Solar’s portfolio had been refinanced just two years ago by issuing the first two Italian project bonds which had been listed too on the Extra Mot Pro MTF for a total consideration of 85 million euros in two tranches, both maturing in 2028. The company also ontained an 80 million euros senior loan facility a revolving facility and a VAT facility.
Founded in 2011, ASI owns a portfolio consisting of 11 plants totalling 85 MW in Lazio, Molise, Puglia and Sicily.