Audax Renovables has renewed its Spanish domestic Commercial Paper programme on MARF, BME’s Fixed Income marker. Also, it has increased its size from 50 million Euro to a maximum outstanding amount of 75 million Euro of short term debt with maturities up to 24 months.
The Commercial Paper programme is coordinated by PKF Attest, which also acts as Registered Advisor on MARF.
Audax Renovables is the result of a merge between Aurdax Renovables itself and its parent company, Audax Energía. The Group is focused on electricity and gas sale as well as production of renewable energy. The Group has an international presence as it operates in Spain, Portugal, Italy, Germany, Poland, the Netherlands, France and Panama. As of 2018 the Group had a diversified portfolio of over 305,000 clients and 500 employees.
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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.
Source: Audax (See the entire post)
