Alquiber Quality has established its first Commercial Paper Programme in BME’s Alternative Fixed Income Market (MARF) for a maximum outstanding of 30 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.
Alquiber is a Spanish family-owned company who develops its activity in the business of flexible vehicles leasing for large companies, SMEs and self-employed workers. It’s specialised in car and light motor vehicle rental. The company offers as well comprehensive advisory services for its customers, including replacement vehicles, geolocation services and customisation of vehicles for leasing, as well as a 24/7 assistance call centre service.
Aquiber focuses its activities mainly in Spain, where it has 23 delegations and a wide network of authorised repair shops.
Alquiber reported a consolidated turnover in 2021 of 71.6 million euros and an EBITDA of 9.2 million euros and is listed on the BME Growth since 2018.
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)