Plenergy, formerly known as Plenoil, will allocate 160 million euros to dividends after refinancing its debt. The company, which operates over 400 petrol stations in the Iberian Peninsula, expects to raise a total of 470 million euros.
The firm Plenergy will use part of the profits from the expansion of its network of petrol stations and the increase in fuel prices to refinance its debt. According to expansion.com, this operation is part of the acquisition carried out by the funds Tensile Capital and Portobello in 2024.
The total debt will reach 470 million euros, of which 160 million will be allocated to a dividend for shareholders, a common practice in private equity known as dividend recap. In addition to the two funds, the founder and main executive of Plenergy, José Rodríguez de Arellano, holds a minority stake in the company.
Of this debt, 400 million will correspond to a secured loan and 70 million to a revolving credit line, which will not be initially used. Part of the loan will be fractioned and placed in the market, with JPMorgan acting as an intermediary, after the acquisition was financed with a loan led by Banco Santander.
The rating agencies Moody's and Fitch have assigned Plenergy a rating of B1 and B+, respectively, keeping it out of investment grade. Moody's has noted that this assessment reflects Plenergy's leading position in the automated petrol station sector in the Iberian Peninsula, although it also warns of the risks associated with its business model.
Fitch, for its part, estimates that the petrol station chain will generate an EBITDA of 150 million euros in 2026, and expects the debt ratio to reduce to three times by 2030. In the first half of this year, the company's earnings increased by 76%.
Once the refinancing and dividend payment are completed, Plenergy will have liquidity of 72 million euros, excluding the 70 million available in the credit line.
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