MARF to register a new commercial paper programme by COBRA

• The company registers a 150-million euro programme with MARF
• The total outstanding balance of the Commercial Paper Programmes in this market totals 2.75 billion euros.

BME’s Fixed Income market, MARF, has registered a new Commercial Paper (CP) Programme by Cobra Instalaciones y Servicios. This new programme allows Cobra to access the market to diversify its short-term funding sources. The company will be able to launch individual CP issues with nominal amounts per unit of 100,000 euros and maturities up to 2 years, based on a maximum outstanding balance of 150 million euros.

Banco Sabadell is acting as the programme’s Sole Lead Arranger and Placement Entity and also is Cobra’s Registered Advisor with MARF. The issuer’s legal advisor has been J&A Garrigues, which has advised the issuer on the process of registration with MARF.

Cobra Instalaciones y Servicios was founded in 1944 and is currently integrated into the industrial services area of Grupo ACS. The company is structured into three business areas: electricity, gas, water and communications networks management, specialised facilities and integral generation projects. In addition to this, Cobra owns a major Innovation Area in the field of renewable energy and hydraulic infrastructures.

Grupo Cobra operates in more than 60 countries and employs over 35,000 workers worldwide. Last year it posted consolidated revenues of 3.05 billion euros.