Funding

Funding

Debt programmes

Euro Medium Term Note (EMTN) programme

Enexis issues notes under its EMTN programme, which has been updated on 4 June 2020. Features of the EMTN programme:

  • Issuer: Enexis Holding N.V.
  • Maximum size: EUR 4 billion
  • Arranger: Rabobank
  • Dealers: see Base Prospectus
  • Fiscal and Paying Agent: Deutsche Bank AG, London branch

Euro Revolving Credit Facility (RCF)

Enexis has a committed credit facility (RCF) with the following features:

  • Issuer: Enexis Holding N.V.
  • Size: EUR 850 million until December 2023 and EUR 736 million until December 2024
  • Lenders: 8 banks
  • Facility Agent: ING N.V.
  • Maturity date: December 2024
  • Use: For general business purposes

Euro commercial paper programme (ECP)

Enexis Holding N.V. has established an ECP programme in december 2016, with the following features:

  • Issuer: Enexis Holding N.V.
  • Maximum size: EUR 1 Billion
  • Arranger: Rabobank
  • Dealers: BNP Paribas, ING, NatWest Markets, Rabobank
  • Issuing and Paying Agent: Citigroup Inc.

(Green) financing

Bonds

Issuer
Date of issuance
Maturity date
Principal in EUR
Coupon
Type
ISIN code
Enexis Holding N.V. 26-01-2012 26-01-2022 300 million 3,375% Senior unsecured XS0737138460
Enexis Holding N.V. 13-11-2012 13-11-2020 500 million 1,875% Senior unsecured XS0854400800
Enexis Holding N.V. 20-10-2015 20-10-2023 500 million 1,5% Senior unsecured XS1307369717
Enexis Holding N.V. 26-04-2016 28-04-2026 500 million 0,857% Senior unsecured XS1396367911
Enexis Holding N.V. 02-07-2019 02-07-2031 500 million 0,75% Senior unsecured XS201997607
Enexis Holding N.V. 17-06-2020 17-06-2032 500 million 0,625% Senior Unsecured; green bond XS2190255211
Total
   
2,8 billion
     

Green Financing

Enexis has drawn up a 'Green Finance Framework' that serves as a framework for monitoring the sustainability quality of eligible green assets when issuing green financing instruments. ISS ESG has carried out a Second Party Opinion (SPO) for the framework.

Issue of outstanding green bonds

In June 2020, Enexis Holding N.V. issued a listed green bond for an amount of EUR 500 million. This bond was drawn under the existing EMTN program and is included in the overview of all outstanding drawings under this program.

Convertible shareholder loan

July 2020 - Convertible Hybrid Shareholder Loan

On 29 July 2020, Enexis Holding N.V. issued a 60-year convertible hybrid shareholder loan for a total amount of EUR 421,7 million. The interest until the first interest revision date November 29, 2030 is 2,15%. The loan is subordinated to all other Enexis debts. Enexis has the right to convert the loan into shares if Enexis' credit rating falls or threatens to fall below the A (Standard & Poors) or A2 (Moody) level. Furthermore, Enexis has the option to repay the loan on November 29, 2030 and every ten years thereafter. S&P has assigned intermediate equity credit to the loan.

 

issuer
Date of Issuance
Maturity Date
Principal in EUR
Coupon
Type
Tranche
Enexis Holding N.V. 29-7-2020 29-11-2080 421,7 million 2,15% Subordinated A
Total     421,7 million      

Debt maturity profile

Debt maturity profile

Update valuation of shares Enexis Holding N.V. as per 2020/1/1

  • Bandwith shareholder value € 4,015 million - € 5,448 million
  • Point estimate valuation € 4,732 million, with a point estimate of € 31.61 per share

At the request of our shareholders in 2017 an independent external advisor, hired by Enexis Groep and its shareholder committee, presented an new independent valuation of the shares of Enexis Holding N.V. as per 2017/1/1. This concerns the valuation under market terms based on a stand-alone and going-concern situation. The valuation will be updated every year around 1 July by Enexis Groep and at the start of a every regulatory period, a new independent valuation opinion will be required from an external advisor.