Eurofirms Group has established its first commercial paper program for a maximum amount of 30 million euros in MARF, BME’s Fixed Income Market (MARF), a program with which the company will be able to access qualified investors to diversify its financial resources in the short term, a greater range of financing sources and optimize the management of its debt in regarding costs and deadlines. The CP program will allow the company to issue debt with a maturity of up to two years over the next 12 months.

PKF Attest Capital Markets acts as Dealer, together with Banco de Sabadell. PKF Attest is also the Global Coordinator and Registered Advisor of Eurofirms Group in MARF. Banco Inversis will act as Paying Agent of the issues. J&A Garrigues acts as the legal advisor.

Eurofirms Group is the first Spanish company specialized in the integrated talent management through a range of services, including temporary employment services, tailor-made in-plant services, outsourcing, headhunting, services outsourcing, talent management (outplacement, strategic talent advisory, training and solutions adapted to the employee), etc. The Group has an online employment portal – Cornerjob – and various technological solutions of its own development that allow the digital management of the relationship with candidates, workers and clients.

The Group has been committed for the last 15 years to social commitment through its Foundation, whose objective is to promote labor integration of people with disabilities.

Over its 30 years of activity since its foundation in 1991, Eurofirms has expanded its geographical scope and currently operates internationally through 150 delegations in Spain, Portugal, Chile, Italy and France.

Eurofirms was granted a BB credit rating, stable perspective, from EthiFinance Ratings.

At the end of 2021 the Group had a turnover of 487.2 million euros and an EBITDA of 6.2 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, 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: BME (see the entire post here)