Porto FC’s SAD announced on Monday that it had received a total of €55 million from the bond issue, which was deemed a “success”, at a ceremony held at Euronext in the city of Porto.
Fernando Gomes, FC Porto’s SAD administrator, described the operation as “successful” like previous ones.
“It was a success, like all the previous ones. FC Porto already has a lot of experience in launching offers for small investors. It was they who once again responded to our call to finance FC Porto,” the director said during the presentation of the results of the bonded loan.
Demand exceeded supply and the total loan demand exceeded 75 million euros. However, at the end of May, the “dragons” increased the loan amount from 40 to 55 million.
As a result, 3,758 investors subscribed to the bond issue, and the repayment of this operation is scheduled for December 7, 2026. In November of this year, FC Porto will have to pay the 21.9 million euros remaining from the 2021-2023 bond issue.
Exchange orders were not subject to a minimum limit, but were limited only to the number of bonds in the target exchange line held by each investor.
The FC Porto SAD 2023-2026 bonds offer a fixed interest rate of 6.25%, which is the highest dragon issue price since 2014.
The financial SAD administrator noted that the transaction will be fully used to pay off the bond issue, which matures in November 2023.
“The initial challenge was to raise the €40 million needed to pay off the current bond issue. The exchange operation was supposed to give small shareholders the opportunity to improve the interest rate on previous investments. one million euros, the rest, 22 million euros, will pay what is left of the financing that we carried out in 2021-2023 and which expires in November of this year. That was the original goal and the operation went well,” he began.
The head of the FC Porto SAD also revealed that “on the first day of the launch of the operation, 36 million of the initial 40 million euros was received” and therefore FC Porto decided to increase its total to 55 million euros.
“We realized that here we have the opportunity to finance the treasury of FC Porto at a time when every year it is delicate, the end of the season. That is why we have decided to increase to 55 million euros for the 15 million that are coming. in addition to the bond issue for 2021-2023 so that we can fund the ongoing activities of FC Porto, he said, concluding: “FC Porto will want to respond with sporting success to what was financial success.”
Author: Portuguese
Source: CM Jornal
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