CIE Automotive has registered a 200 million Euro ECP programme (Euro Commercial Paper). The programe has been listed in ISE (Irish Stock Exchange).

Worldwide manufacturer, CIE Automotive lists 45 million Euro notes on the Main Securities Market (MSM) of Euronext Dublin. The notes are the first to be issued from the company’s 200 miilion Euro Euro-Commercial Paper (ECP) programme.

CIE Automotive designs, manufactures, and sells automotive components and sub-assemblies worldwide producing components with various technologies such as aluminum injection, iron casting and forging.

As of 2017 CIE had revenues of 3,724 million Euro and an EBITDA of 530 million Euro.

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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: ISE (see the entire post)