Gas Networks Ireland has issued two bonds raising €625m.

The company said proceeds from the bond issues will fund the continuing investment programme in maintaining and upgrading Ireland’s gas network infrastructure, as well as go towards refinancing existing debt.

The funding is in the form of a €500m 10-year bond at a rate of 1.375% and a €125m 20-year bond at a rate of 2.25%.

The company said there was strong demand from high-calibre investors for both the 10- and 20-year bond issuances.

 Group Finance Director of Ervia, Gas Networks Ireland’s parent company, Cathal Marley said he was “delighted by the strong demand for this transaction and to be able to issue with such long dated maturities”.

Gas Networks Ireland is a subsidiary of Ervia, a commercial semi-State company with responsibility for the delivery of gas and water infrastructure and services in Ireland.