The Mercado Alternativo de Renta Fija (MARF) has registered a Commercial Paper Programme by Gestamp with a maximum outstanding amount of €150 million.
Under this new program the company will be able to launch CPs with individual nominal amounts of 100,000 euros and terms of up to 24 months.
This Commercial Paper Programme is coordinated by Banca March, which is acting as Sole Lead Arranger and Gestamp’s Registered Advisor. Law firm Cuatrecasas, Gonçalves Pereira has acted as legal advisor for the company for the registration of the Programme with MARF.
Gestamp has a Ba2, stable outlook rating by Moody's, and BB, stable outlook, by Standard & Poor's.
"The arrival of Grupo Gestamp brings the number of companies with a Commercial Paper Programme in MARF to 12. The issuance of CPs has become a very useful and attractive tool for providing companies with flexibility and for diversifying their working capital’s financing sources”, stated Gonzalo Gómez Retuerto, Managing Director of MARF.
Gestamp is an international group dedicated to the design, development and manufacturing of metal automotive components. It was founded in 1997 with the goal of being a global supplier specialised in the manufacturing of different parts of a vehicle’s body-in-white, mainly from conventional and high-strength steel, aluminium, carbon fibre and compound materials.
Since then Gestamp progressively has added new products and technologies and currently operates three main production lines, namely, metal components for vehicles’ body-in-white, chassis and mechanisms. Gestamp has presence in 20 countries, in which it has 95 industrial plants and 6 under construction and where over 33,000 employees work. The Group’s consolidated revenue for 2015 totalled €7,034.5 million. EBITDA for the same period reached €760.3 million.