Press Release

ORMAZABAL registers its first commercial paper programme on MARF

25 October, 2019

MARF, BME’s Fixed Income market, today registered a 50 million-euro new Commercial Paper (CP) Programme from Ormazabal Electric. Through this new tool the company will be able to place Fixed Income instruments among qualified investors with maturities up to 2 years.

PKF Attest participates as Ormazabal’s Registered Advisor with MARF. The Collaborating Entities are Banco Santander, Norbolsa, Banca March and BRED Banque Populaire. Cuatrecasas, Gonçalves Pereira has been the legal advisor of the issuer in connection with the registration of the Commercial Paper Programme.

Ormazabal Electric has a BBB- corporate rating with a stable outlook, granted by Axesor Rating agency.

Since its beninnings, Ormazabal, a family-owned company founded in 1967, has actively participated in the process of transforming the Spanish power sector, becoming one of the leaders in the power distribution infrastructure sector.

It has operations in more than 100 cities on 5 continents, where it operates through 15 industrial productive plants and owns an international network of commercial offices and local agents. As of 31 December 2018, it employed around 2,000 workers. Last year Ormazabal Electric had a consolidated turnover of 444.1 million euros.

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