Aenor has established its first Commercial Paper Programme in BME’s Alternative Fixed Income Market (MARF) for a maximum outstanding of 25 million euros. The Commercial Paper Programme will enable the company to issue debt with a maturity of up to two years over the next 12 months. This is the first time that Aenor has gained access to capital markets to finance itself and diversify its resources. The company’s goal is to use this program to support the company’s inorganic growth plan, aimed at consolidating a Latin American conformity assessment platform.
Aenor is a knowledge management company that helps to correct competitiveness gaps through conformity assessment (certification, verification, validation, inspection, and testing), training and information services.
Aenor was founded in January 2017 creating the basic infrastructure to develop the activity of product certification, as well as quality. There are currently around 21,500 management system certificates in force issued by the company that support organizations in fields such as Quality Management, Environmental Management, R&D, Occupational Health and Safety, Energy Efficiency, Social Responsibility or Risk Management.
As a global organization, Aenor’s activity in the international area is growing year after year. This is materialized in different fields: certification, training, inspection services, validation, and verification. Through one or more of these activities, Aenor is currently present in 90 countries in America, Europe, Asia and Africa.
The company has obtained a long-term corporate rating of BB+ with stable trend by EthiFinance Rating.
Aenor reported a consolidated turnover in 2021 of 88.2 million euros and an EBITDA of 4.5 million euros.
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 with a predetermined maximum outstanding size, and that are renewable annually (or every 3 years for STEP label). CPs may be issued at a discount or at a premium, they may bear fixed or floating rate interest, although they most usually carry an implicit coupon.
Maturity of Notes ranges from 1 to 364 days for ECP (European Commercial Paper Programmes), up to 24 months for Spanish Pagarés and up to 36 months for Italian Cambiali Finanziaria.
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: BME (See the entire post here)