MARF today registered a new bond issue of Naviera Elcano, with a value of 50 million euros and maturity in 2023. It is the second time that Elcano has tapped this market following a previous issue, in November 2016, for 33. 5 million euros. The issue has been closed with an individual per-bond value of 100,000 euros, a 5.5% annual coupon and final redemption on July 26, 2023.
With this new issue, the company moves forward on its policy of diversifying its financing sources in the capital markets and strengthens its long-term financial resources.
Banco Sabadell has acted as Global Coordinator and Bookrunner for the issue and Ahorro Corporación Financiera as Joint-Bookrunner. The Registered Advisor with MARF is Analistas Financieros Internacionales - AFI -, Cuatrecasas, Gonçalves Pereira is the legal advisor of the placement entities while J&A Garrigues has legally advised the issuer.
Axesor Rating has granted the issuer a rating of BBB- with a stable trend.
Naviera Elcano was established in 1943 by the Instituto Nacional de Industria (INI) as a shipbuilder and shipping company. In 1964 it split up and focused exclusively on shipping. It was privatised in 1997. Throughout its history, it has owned and operated 230 vessels of all types.
Currently, Grupo Elcano leads an international maritime holding with subsidiaries in Spain, Portugal, Malta, Brazil and Argentina, including 21 subsidiaries that own most of the vessels. The company manages its own fleet of 21 oil, chemical, LPG and natural gas tankers, as well as cargo ships for the transport of minerals, mainly bauxite and iron ore. Grupo Elcano employs 610 direct workers. In 2017 its revenues totalled 670.3 million dollars with an EBITDA of 79.7 million dollars.