Maire Tecnimont has established its first Euro Commercial Paper in STEP for a maximum outstanding of 150 million euros. The ECP programme will enable the company to issue debt over the next three years with maturities up to 12 months. This Programme will allow the Company to diversify its short-term financing instruments, to achieve a wider spectrum of funding sources and optimize its debt management in terms of maturity profile and pricing.
Maire Tecnimont Group is a leading provider of engineering and construction, technology, and licensing services worldwide, specialized in the transformation of natural resources. The Group’s activities mainly focus on the design, engineering, and implementation of plants for the petrochemicals, oil and gas refining and fertilizer processing industries, as well as on energy transition technologies. The Group is active in the whole EPC value chain through a technology driven value proposition, offering a broad range of services on an individual or combined basis.
In Green Chemistry the Group, through its dedicated company NextChem, acts as an operator, joint developer with industrial players, a traditional EPC or a technology licensor depending on the plant scale. The company operates in projects in Green Chemistry aimed at lowering the impact of the fossil-based processes, improving waste recycling through plastics Upcycling and waste-to-chemical technologies as well as creating products based on Bio feedstock. Maire Tecnimont also delivers large-scale renewable energy plants generating power from wind and solar sources.
Maire Tecnimont is listed on the Milan Stock Exchange since 2007 with a current market capitalization of >1,450 million Euros, consolidated revenues of 2,052.8 million Euros and an EBITDA of 124.1 million Euros as of September 2021. The Group is present in 45 countries through approximately 50 operating companies and about 9,100 people.
PKF Attest is acting as Global Coordinator and Structuring Advisor of the programme, and as a permanent Dealer together with, Banca Akros, Bred, Credit Suisse, Equita, Intesa Sanpaolo and Intermonte.
Clifford Chance acted as the Legal Advisor and Bank of The New York Mellon is the Paying Agent.
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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 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 Finanziarie.
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.
