The energy company Audax Renovables has taken another step in its financial strengthening strategy by closing a deal for a new renewable energy credit line. The transaction, amounting to €75 million , has been underwritten by a syndicate of seven banks and has an initial maturity of three years. This move is part of the company's plans to optimize its capital structure and manage its liquidity more efficiently.
According to the company, chaired by José Elías, the funds available under this line of credit can be used for general corporate and working capital needs. However, Audax intends to maintain this credit line as a liquidity backup mechanism and not as a recurring source of financing. In this way, the company seeks to reduce the cash held in current accounts for prudential reasons and allocate it to paying down short-term financial debt, primarily promissory notes.
Details of the transaction and participating entities
The revolving credit facility was coordinated by a syndicate comprised of ABN Amro Bank, BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC Continental Europe, Banco Santander, and Banca March. These entities acted as global coordinators and original lenders. ABN Amro Bank will act as the financing agent, while Alantra served as financial advisor and Garrigues as legal advisor for the transaction.
Audax's CEO, Óscar Santos, emphasized that this transaction further solidifies the company's financial strengthening strategy. "The combination of the recent senior bond issuance and this new revolving credit facility provides us with greater flexibility to manage our liquidity ," Santos stated. The €350 million senior bond issuance took place just a few months ago and is now part of the company's long-term liabilities.
Impact on Audax's financial strategy
This new revolving credit line is not an isolated event, but rather part of a broader financial restructuring plan. The company aims to progressively reduce its short-term financing and support its growth from a stronger financial position. According to company sources, the goal is for the available funds to act as liquidity support, allowing the company to allocate cash previously held in checking accounts to pay down short-term debt.
The transaction has been well received by the market, as it demonstrates the confidence of financial institutions in Audax's business model. The company, specializing in renewable energy and the sale of electricity and gas, is thus continuing its expansion in the Iberian and European markets. The €75 million renewable energy credit line complements other financing initiatives aimed at providing stability to the company in a context of rising interest rates.
In short, Audax Renovables has secured a key financial tool for its day-to-day operations. The renewable energy credit line, together with the senior bond issuance, provides the company with greater flexibility to manage its liquidity, reduce its reliance on short-term financing, and continue driving its growth in the energy sector. All of this is backed by a top-tier banking syndicate and the advice of specialized firms.