MARF registers a commercial paper programme from Securitisation Fund Buran Energy IM1

  • It will issue commercial paper up to 300 million euros to finance Buran Operadora’s approximately 400 client companies

MARF, BME’s Fixed Income market, today registered a new commercial paper (CP) programme by Buran Energy IM 1, a Securitsation Fund structured by Banca March and incorporated by Sociedad Gestora Intermoney Titulización for the issuance of securitised CPs with an outstanding volume up to 300 million euros. Through this issue the Fund will finance the acquisition of credit rights owned by Buran Operadora derived from its fuel supply services, extending its invoices’ payment periods and therefore providing financing to its customers.

The commercial paper that is issued will feature a liquidity guarantee granted by Compañía Española de Seguros de Crédito a la Exportación (CESCE) and will be rated by Standard & Poor's with an A2 short-term rating for those issues with maturities  of less than twelve months and A- for those with a maturity of more than one year.

Banca March acts as Sole Lead-Arranger of the programme, under which it will place the different commercial paper issues that are made among institutional investors. Banca March also participates as a payment agent of the CPs and Registered Advisor in this BME market.

Cuatrecasas Gonçalves Pereira has provided legal advice to the participants in the transaction during the incorporation of the Fund and the launch of the Commercial Paper Programme.

Buran Operadora was incorporated in 2015 and is concerned with the wholesale trade of solid, liquid, gaseous and similar oil products. In the development of this activity it signs broad marketing agreements with its clients whereby Buran provides them with the fuel to be sold at the service stations.

In this transaction, Agere Infrastructure Partners has worked with Buran Operadora as external financial adviser.