PRESS RELEASE

MARF admits to trading a €33.5 million issue by naviera Elcano

Twenty seventh company to list on this market

The Mercado Alternativo de Renta Fija (MARF) has registered a €33.5 million bond issued by Naviera Elcano with maturity in 2021.

Elcano thus becomes the twenty seventh company to list on MARF in order to diversify its financing sources and access new funding alternatives that help the company to strengthen its balance sheet for its future projects.

The individual nominal value of the bonds is €100,000, their annual coupon is 5.5% and the term is five years. Banco Santander has acted as Global Coordinator and Bookrunner and Ahorro Corporación Finaniera as Co-Lead. Analistas Financieros Internacionales (AFI) is the Registered Advisor in MARF. The legal advisor of the Placement Entities is Cuatrecasas, Gonçalves Pereira while J&A Garrigues has acted as the issuers’ legal advisor.

The issuer has received a BBB- rating with stable outlook from credit rating agency Axesor Rating. Naviera Elcano was created in 1942 by the Instituto Nacional de Industria (INI) to operate as a shipbuilder and shipping company.

Throughout its existence Elcano has owned and operated 230 different types of vessels. The company was privatised in 1997 and now focuses exclusively on maritime transport activities.

Grupo Elcano leads an international maritime group with subsidiaries in Spain, Portugal, Brazil and Argentina that manages a fleet of 21 ships comprising oil, chemical, LPG and LNG (Liquefied Petroleum Gas and Liquefied Natural Gas) vessels and bulk carriers for the transportation of coal, bauxite, iron ore or grain. Grupo Elcano directly employs 575 employees and in 2015 had total revenues of €424.9 million and a net profit of €10.1 million.

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