Gas Networks Ireland completes €300m bond issuance

Money will be used to maintain and upgrade gas network in Ireland

Gas Networks Ireland has completed a €300 milion bond issuance to support its capital investment programme. The company said there was strong demand for the bonds, which were a five-year senior unsecured issuance at a coupon rate of 0.125 per cent with a 0.164 per cent yield. Both national and international investors participated, it said.

The proceeds from the bond will be used in part to upgrade and maintain the gas network in Ireland.

"We are delighted by the strong demand for this issuance which will reinforce GNI's strong financial position," said Ronan Galwey, interim chief financial officer of Ervia, Gas Networks Ireland's parent company. "The funds raised will support our continuing capital investment programme and ensure Ireland retains a high-quality and safe gas network infrastructure which will play a key role in our transition to a low carbon economy".

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist