VGP NV : Issuance Focus
After an absence of almost 3 years, VGP is returning to the bond market to issue a minimum of € 500m of new green bonds maturing in January-2031 (NC). Net proceeds are earmarked to refinance up to € 250m of existing green bonds, via a tender offer launched in parallel, as well as place € 250m in cash on balance sheet to finance ‘green’ projects. The transaction will be LTV neutral (48.3% reported by VGP, 59.7% calculated by Oddo BHF) in the immediate future, while annual interest charges could increase by +€ 16m to € 63m.VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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