The oil company Repsol has announced it’s carrying out a double bond repurchase operation and the launch of a new, €1bn issue to strengthen liquidity. CEO Josu Jon Imaz told Spain’s National Securities Market Commission (CNMV) that the company was offering to buy back bonds of up to €1bn that mature in March 2021.
Simultaneously, it will launch a new bond issue to replace the old ones. The move is intended to avoid liquidity tensions as maturity looms closer and to take advantage of an advantageous window for large companies to carry out fund raising. It’s the latest push by large Spanish companies to strengthen their financial situations as damage from the coronavirus pandemic spreads.
