Uría, BM assist with Neinor´s €300m green bonds issuance

Uría Menéndez and Baker McKenzie have advised the issuer and the banks respectively on Neinor Homes’ first green bond issuance for €300 million

The Board of Directors of Spanish housebuilder Neinor Homes has approved the issue of senior secured bonds maturing in 2026 for a total nominal amount of €300 million.

The notes will constitute senior obligations of the company and will be guaranteed by certain subsidiaries of the company. Interest on the notes will accrue from the date of issue and will be payable semi-annually. The interest rate and the issue price of the notes, as well as other terms, will be determined at the time of pricing of the Issue, based on market conditions.

This becomes the first green bond issue in the company’s history and the second by a Spanish company, after the recent leap taken by Vía Célere, announced by Iberian Lawyer on March 22.

The Company intends to use the proceeds of the issue to redeem €158 million of debt of Quabit Inmobiliaria, S.A. and its subsidiaries, redeem €101 million of debt of the company and its subsidiaries, make capital expenditures in connection with the company’s rental business line and pay fees, commissions and expenses in connection with the issuance.

In the event that the merger by absorption of Quabit Inmobiliaria, announced by Iberian Lawyer on January 14, is not completed, the company may use part of the proceeds of the issue, which it would have used to repay the debt of the Quabit Group, for general corporate purposes, which may include the acquisition of land.

The global coordinators of the transaction are Deutsche Bank and JP Morgan; with Santander and Credit Suisse acting as Bookrunners; and BBVA, CaixaBank and Natixis as Co-managers. The Real Estate developer has been advised by Uría and Vinson & Elkins, while the banks have been advised by Baker McKenzie.

Application will be made for the notes to be admitted to trading on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin.

Fitch Ratings has assigned Neinor a first-time Long-Term Issuer Default Rating (IDR) of ‘BB-‘ with a Stable Outlook. Fitch has also assigned a senior secured rating of ‘BB’ and an expected secured debt rating of ‘BB(EXP)/RR3’ to Neinor’s proposed €300 million senior secured notes.

Uría Menéndez advised Neinor with Madrid office partner Jaime Pereda (pictured top left), London office partner Blanca Arlabán (pictured top centre) and senior associate Álvaro López (pictured top right).

Baker McKenzie acted as legal advisor to the Banks with a Madrid office team formed by partners Enrique Carretero (pictured bottom left) and Rossanna D´Onza (pictured bottom centre), together with team leader Carlos Martín (pictured bottom right) and associates Paloma Moreno de la Santa, Alberto Aires and Inés Colás, working closely with a Baker McKenzie London office team led by partners Haden Henderson and Nick O’Grady.

Uría, BM assist with Neinor´s €300m green bonds issuance

Desire Vidal


Iberian Lawyer, is a monthly digital magazine, published by LC Publishing, available in Spanish and English. It represents the main source of information in the legal business sector in Spain and Portugal. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

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For further information, please visit the Group’s website www.lcpublishinggroup.com

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