Gas Networks Ireland Raises €300m with New Corporate Bond
Gas Networks Ireland has raised €300 million though the successful issuance of a corporate bond to help support the company’s capital investment programme and its transition to bring more renewable gas onto the network. The company, which is rated A+/A2, successfully priced a €300 million five-year senior unsecured issuance at a coupon rate of 3.25%.
There was strong demand for the bond from a combination of national and international investors. The proceeds from the bond will help fund the continued investment in maintaining and upgrading Gas Network Ireland’s €3 billion national gas network infrastructure. It will also facilitate increased use of renewable gases, as well as proactive balance sheet management.
Gas Networks Ireland’s Chief Financial Officer Ronan Galwey said:
“The company was very pleased with the strong demand for the bond, which helped underpin excellent pricing for the transaction. The result was a strong endorsement of Gas Networks Ireland by the investment community and benchmarked the company very well against its peers."
A total of 74 investors participated in the transaction, with investments funds and pensions companies taking up the bulk of the offer.
Gas Networks Ireland recently unveiled its ambitious Pathway to a Net Zero Carbon Network plan, outlining how the national gas network can transport 100 per cent renewable gas by 2045. This pathway details the journey towards a repurposed, resized, and fully decarbonised gas network by 2045, ensuring a secure energy supply, while supporting Ireland's climate and energy goals.