The Mercado Alternativo de Renta Fija (MARF) has registered a Commercial Paper Programme by Audax Energía with a maximum amount of €50 million, which will allow the company to push forward with its process of growth and diversification of its short-term sources of financing, following the issue of a 5-year bond for €21 million in 2014 through MARF.
This Programme allows single issues of CPs with an individual nominal value of €100,000 during a year and a term of between 3 days and 24 months.
The Commercial Paper Programme is coordinated by PKF Attest acting as Registered Advisor and the following firms act as placement entities: Banco Santander, Banco Sabadell and Beka Finance. Law firm J&A Garrigues has acted as legal advisor for the process of registering the issue with MARF.
Audax has received a rating of BBB-, with stable outlook by Axesor.
Audax was incorporated in 2007 and as a result of the liberalisation of the Spanish electricity market in 2009 it began to provide electric energy commercialisation services to individuals, private companies and other bodies linked to the public sector: it has more than 60,000 customers in Spain.
As a result of the bid launched by Audax in August 2016 for Fersa Energías Renovables, it received shares representing 70.86% of its share capital, took control of the company and, indirectly, entered into the renewable energy sector (wind, solar etc), an industry where it currently operates a total installed capacity of 185 MW.
Audax revenue in 2015 was € 487.9 million, EBITDA for the same period amounted to €18.2 million and net profit was €12.1 million.