BME’s Fixed Income Market, MARF, has admitted to trading a new commercial paper programme by Cooperativas Orensanas, Sociedad Cooperativa Galega (COREN), one of the largest food business groups in northern Spain. Through this continuous issuance programme, the company will be able to place commercial paper with maturities ranging between three days and twenty-four months over the next year with a maximum outstanding balance of 50 million euros.
Banca March will act as a Collaborating Entity, Sole Lead-Arranger and Coren’s Registered Advisor with MARF, and will distribute the different issues to be made under the programme to qualified investors.
The legal advisor of the issuer for this transaction has been law firm J&A Garrigues.
Coren is a second-degree cooperative. In its origins –which date back to 1962- its core business was livestock and throughout its nearly sixty years of history it has branched out into other sectors of the food industry. Currently, it manages all stages of the production process through a vertically integrated system. The cooperative is structured into 5 business areas dedicated to the poultry, porcine, beef and animal feed sectors as well as to the sale of agricultural and livestock feeding and zoosanitary products. Additionally, it provides services related to the execution of works on farms, management of the food-chain’s stores, laboratories, cogeneration plants for the electrical supply of facilities, etc.
Over the last few years the Group has made an important effort to gain international presence. Today it has operations in 56 countries (i.e Portugal, South Korea, Uruguay, Brazil, Angola and Argentina among others ) and employs more than 2,000 professionals.