To enable the finance A2A issued its first subordinated perpetual green hybrid – use of proceeds bonds with a size of €750m. The new transaction was welcomed by a strong investor response and the total order book amounted to €2.9bn, resulting in an over-subscription ratio of almost 4x. The notes, characterised by a non-call period of 5.25 years and perpetual maturity, have been issued at a reoffer price of 99.460% and will pay an annual fixed coupon of 5.000% until the first reset date scheduled on 11th September 2029. This issuance allowed A2A to partially cover the funding needs of the acquisition and strengthened its credit metrics considering the equity content of 50% for both S&P and Moody’s.

To complete the funding plan in June 2024, A2A successfully completed the syndication of a €600m term loan bridge facility in a green/use of proceeds format. The facility, with a tenor of two years, has been structured as a green loan in compliance with A2A’s Sustainable Finance Framework and the Green Loan Principles (GLPs) administered by the Loan Market Association (LMA).

In December 2024, S&P Global confirmed A2A’s long-term rating at BBB with a ‘stable’ outlook revising downward the threshold for maintaining the current rating of FFO/Net Debt to 24% from 25% previously. The decision reflected the strategy outlined by A2A’s 2024-2035 Strategic Plan, which is focused on low-volatility businesses, in particular regulated electricity networks. It also reflected A2A’s strict financial discipline, showed during the year through the hybrid bond.