GEK TERNA has attracted cumulative investor demand of €5.3bn in recent months, according to company sources.
Two consecutive financing transactions carried out over the past four months underscore the infrastructure Group’s strong position in international capital markets. They were:
- A €659m share capital increase last July, which attracted bids of around €3bn, with more than 95% of demand coming from international investors.
- A €500m bond issue, which attracted bids of €2.3bn and was 4.6 times oversubscribed.
As the sources point out, the successful completion of the two transactions is particularly significant for two reasons: first, they involved two different categories of institutional investors — from the equity and bond markets, respectively — and, second, they took place amid heightened geopolitical uncertainty and volatility. Despite this, the Group secured strong demand and competitive financing terms.
Strong cash position and financial resilience
GEK TERNA is entering the next phase from a particularly strong financial position. The Group’s available liquidity, including the share capital increase, stands at around €2.2bn, while the new €500m bond issue further strengthens its funding resources.
Company sources also point out that the Group has high visibility on its future financing obligations, with its next significant debt maturity at parent-company level — amounting to €300m — falling in December 2028. Amid intense international instability, the combination of strong liquidity and limited near-term maturities provides substantial financial security and flexibility.
Achieving investment-grade ratings from S&P and Moody’s strengthens the Group’s position, broadens its international institutional investor base and enhances its financial credibility.
Looking ahead to further investment
The Group’s strong capital position is underpinned by an extensive portfolio of long-term concessions, which ensures predictable future revenue streams and operating profitability.
Following the completion of the share capital increase and the eurobond issue, GEK TERNA is well placed to proceed with its existing investment programme without disruption and pursue new infrastructure investments.