Aedas Home has renewed its €150 million Commercial Paper programme in MARF, BME’s Fixed Income market. The programme will allow the Company to continue issuing short-term debt with maturities up to 24 months and diversifying its funding sources.
The programme is coordinated by PKF Attest, which also acts as Registered Adviser on MARF. Banco Santander, Banco Sabadell, Fidentiis and Norbolsa act as dealers of the programme.
Aedas Homes is a nationally operating property developer founded in 2016 and listed on the Spanish Stock Exchange since 2017. The Company operates across the whole Spanish territory; Navarra, Pontevedra, Barcelona, Tarragona, Zaragoza, Valencia, Alicante, Mallorca, Murcia, Seville, Malaga, and Granada.
As of December 2019, Aedas Homes had a landbank of 15,426 units. The Company had consolidated revenues of €311.6 million, an EBITDA of €55.7 million and a net profit of €31.6 million, employing over 200 people.
Commercial Papers are 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.