Oesía Networks 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 and Beka Finance. 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. Cuatrecasas acts as the legal advisor.
Oesia Networks is 100% private and Spanish capital multinational company. Its activity is based on a dual model, focused on digital and industrial engineering. It is present in 40 countries in four continents where it develops innovation and transformation projects, through strategic sectors such as public administration and health, banking and insurance, industry, services and utilities, telco & high tech, aeronautics and space, and defense and security.
Eurofirms was granted a BB credit rating, from EthiFinance Ratings.
At the end of 2022 the Group had a turnover of 183.2 million euros and an EBITDA of 19.6 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)