- Today MARF admits to trading a new €40 million bond, with a 6% coupon and maturity in 2022
- It was the first company to issue in MARF in 2013
Today MARF admitted to trading a 40 million euro bond issue by Sociedad Anónima de Obras y Servicios (Copasa). Through this operation the company refinances its first issue, launched in 2013, and the first registered in MARF, with maturity in December 2018.
The placement has been carried out through a bond exchange tender offer to the initial investors, as well as the entry of new participating entities.
The new issue has a 6% interest rate and maturity in 2022, whereby, after the refinancing, the company reduces the interest rate of its funding in the market and at the same time extends the term.
Banco Sabadell, Beka Finance and Banco Finantia have acted as Placement Entities for the new issue. Copasa’s Registered Advisor is Didendum. On Tax & Legal has advised the company on the legal aspects of the operation, while J&A Garrigues has advised the Bookrunners.
The company has a corporate BB rating, stable outlook, granted by rating agency Axesor Rating.
Copasa, together with its subsidiaries, focuses on the construction of railway infrastructures, ports, roads, hydraulic works and water treatment plants. It is also dedicated to the management of concessions and maintenance of highways, roads and water treatment plants, as well as the manufacture of railway sleepers and aggregates.
The Group’s consolidated revenues last year totalled 328.5 million euros, with an EBITDA of 34.5 million. At the close of fiscal year 2017, the company's international operations represented 53% of its net revenues.