Ortiz has established a Commercial Paper Programme in BME’s Alternative Fixed Income Market (MARF) for a maximum outstanding of 75 million euros. The Commercial Paper Programme will enable the company to issue debt with a maturity of up to two years over the next 12 months. The company, who has a 50-million-euro bond registered in MARF, will be able to expand its funding sources through capital markets.
The Group was founded 60 years ago, as an infrastructure family company in Spain, and through the years it has diversified its business areas as well as its international presence. Currently, Ortiz has projects in thirteen countries, and is present in Spain, Colombia, United States, Mexico, Panama and Japan, with over 2.000 employees.
Its business model is broadly diversified; Ortiz invests, operates, and builds international infrastructure and energy concessions (such as hospitals, roads, transmission lines and substations, photovoltaic plants…). Also, the Group has a relevant expertise as an international renewable energy EPC contractor.
PKF Attest has acted as a Dealer of the programme together with Banco Sabadell and Banca March.
The company has obtained a long-term corporate rating of BB+ with stable trend by EthiFinance Rating.
Ortiz reported a consolidated turnover in 2021 of 478 million euros and an EBITDA of 56 million euros.
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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 Finanziaria.
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: MARF
