The Mercado Alternativo de Renta Fija (MARF) has registered a Commercial Paper Programme by Vocento with a maximum outstanding amount of €50 million. Under this programme and up to November 2018 the company will have the possibility to issue individual tranches of commercial paper with minimum denominations of €100,000 and maturities up to 24 months.
Banco Santander, Bankia and Norbolsa participate as placement entities for the programme and PKF Attest is the Registered Advisor. Law firm J&A Garrigues has acted as legal advisor for the issuer during the registration with MARF.
Vocento is the parent company of a group made of over 60 companies focused on the media management sector and publishing activities. The Group was created in 2002 after the merge of Grupo Correo and Prensa Española. As of 2016 Vocento had consolidated revenues of €448.7 million.
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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: BME (see the entire post)
