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      OPUS' planned issue of new bond in line with rating case
      FRIDAY, 23/04/2021 - Scope Ratings GmbH
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      OPUS' planned issue of new bond in line with rating case

      The upcoming issuance of the senior unsecured debt does not alter the issuer’s rating case, with bond proceeds primarily earmarked for acquisitions.

      The latest information on the rating, including rating reports and related methodologies, is available on this LINK.

      OPUS Global Nyrt. (OPUS) has announced plans to issue a senior unsecured bond with a volume of HUF 39bn. OPUS intends to place the bond under the Hungarian Central Bank’s Bond Funding for Growth Scheme. The new 10-year bond will have a fixed coupon of 3.2% yearly as well as amortisation followed by 50% repayment upon maturity in 2031. The amortisation schedule provides for 10% redemption of face value in each year during 2026-30.

      About 85 percent of the proceeds from the new bond issuance will be used for new acquisitions and the other part of the proceeds (15%) will be used for support carve-out transactions. Specifically, proceeds are earmarked for OPUS’ two recent acquisitions in the holding’s energy division, namely E.ON Tiszántúli Áramhálózati Zrt. and Tigáz Zrt. The bond represents an element of external funding that is already incorporated in Scope’s updated rating case as published on 1 April 2021.

      The overall case for the BB/Stable issuer rating remains unchanged. Moreover, the placement of the bond does not alter Scope’s view on the ‘superior’ recovery expectations for senior unsecured debt in a hypothetical default scenario. This is reflected in the BBB- rating for the debt category.

      This publication does not constitute a credit rating action. Scope recently released its affirmed public rating on OPUS Global Nyrt. on 1 April 2021. For the official credit rating action release click here.

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