Audax Renovables has renewed its Commercial Paper programme in MARF, BME’s Fixed Income market, increasing the maximum outstanding amount from 75 up to 200 million Euro. The programme will allow the Company to continue issuing short-term debt with maturities up to 24 months and diversifying its funding sources.
PKF Attest continues as the Registered Advisor and the global coordinator of the programme since its debut in MARF. Banco Sabadell acts as the Paying Agent and J&A Garrigues as the Legal Advisor of this programme. Banco Sabadell, Banco Santander, Beka Finance, Bankinter and Ahorro Coporación Financiera act as the Placement Entities of the programme.
Audax Renovables is the result of the merge between Audax Renovables itself and its parent company, Audax Energía. The Group focus its activity on the sale of energy and gas, as well as the production of renewable energies. It has an international presence as it operates in Spain, Portugal, Italy, Germany, Poland, Holland and Panama. As of 2019 the Group had revenues of €1,044 million and an EBITDA of €73 million.
In 2003 the shares of Audax Renovables were admitted to trading on the secondary market of Barcelona Stock Exchange and in 2007 were included in the SIBE (integrated stock exchange system) of Madrid Stock Exchange. Now the shares are traded on the Spanish continuous market.
Audax has a BBB- rating, stable outlook, by Axesor.
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Commercial Paper is an efficient source of funding
Commercial Papers are short-term money-market securities used as a funding source by financial institutions, as well as governments, supranational agencies and mid and large corporations.
For corporate issuers, Commercial Papers are an extremely efficient funding source, that is complementary to banking facilities and credit lines. It is an efficient working capital solution via Debt Capital Markets.
Commercial Papers are issued under a shelf programme, that has an annual validity (renewable) and a predetermined maximum outstanding size. Notes under a CP programme may be issued at a discount or at a premium, they may bear fixed or floating rate interest. Although CPs, most usually, carry an implicit coupon, they are issued at discount and mature at par (100%)
Maturity of Notes ranges from 3 days to 24 months for Pagarés Programmes and from 1 to 364 days for ECP (European Commercial Paper Programmes).
Commercial Papers are multi-currency instruments that can be issued in different currencies; predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.
Source: Expansión (See the entire post – only in Spanish)
