Cepsa successfully completes the largest bond issue in its history for 750 million euros

• The bond issue, maturing in 2031, reinforces the financial strength of the company and supports the ambitious investment plan behind its Positive Motion strategy to become a European leader in the production of 2G biofuels and green hydrogen, and the deployment of a network of ultra-fast electric chargers
• The market response confirms confidence in Cepsa’s business prospects and credit profile, recently reaffirmed by S&P and Fitch with an investment grade rating (BBB-) and Stable outlook

Cepsa has successfully completed a new bond issue for 750 million euros, well above previous issues and with a large oversubscription, underscoring investor confidence in the Company. The issue closed with an annual coupon of 4.125% and maturity in April 2031.

The new issue is the largest bond offering in Cepsa’s history and marks its return to the capital markets after four years. It was also unique in that it combined a partial repurchase of its bond maturing in February 2025. The issue will be admitted to official listing and trading on the regulated market of the Irish stock exchange, enabling Cepsa to strengthen its liquidity position and diversify its sources of financing while increasing the average maturity of its debt.

Cepsa is the first Spanish company and the second in Europe in the energy sector to tap the bond market in 2024. The issue strengthens the Company’s capital structure and supports the ambitious investment plan set out in its Positive Motion transformation strategy to become a European leader in the production of second-generation biofuels and green hydrogen, and to develop a network of ultra-fast electric chargers.

Carmen de Pablo, Cepsa’s CFO and Director of Strategy and Sustainability, said: “The success of this bond issue reflects the support from the investment community for Cepsa’s transformation strategy and their confidence in our business prospects for the coming years. This transaction diversifies our sources of financing and strengthens our liquidity position, allowing us to comfortably meet our debt commitments and investment plans.”

Cepsa has been advised by HSBC, Santander and SMBC as global coordinators of the transaction and by BBVA, BofA Securities and HSBC for the partial repurchase offer of its bond maturing in February 2025.