PRESS RELEASE

MARF registers a commercial paper programme by IM Vall Companys 1 FT

MARF, BME’s Fixed Income market, today admitted a commercial paper programme (CP) to trading from the securitisation fund IM Vall Companys 1 FT. Agri-food group Vall Companys has commissioned Banco Sabadell and Intermoney to structure and incorporate this securitisation fund, through which the company will be able to issue CPs to finance the acquisition of credit rights derived from the activities of its group companies to improve their payment cycles, thus diversifying and expanding their short-term financing sources.

The credit rights incorporated into the Fund will be guaranteed through of a liquidity certificate provided by Compañía Española de Seguros de Crédito a la Exportación (CESCE). The CPs issued will have an A-(sf) / A-2 (sf) rating from Standard & Poor's.

Banco Sabadell acts as Sole Lead-Arranger for the Commercial Paper Programme and will place the various issues to be launched among qualified investors. Banco Sabadell also participates as Payment Agent for the CPs and Registered Advisor with MARF for this programme.

Vall Companys is an agri-food group founded in 1956 which, throughout its over sixty years of history, has become one of the leading Spanish companies in Europe in the manufacture of feed, multi-meat industry and livestock production (pork, poultry and beef) and bread flours. In 2019 Vall Companys reported consolidated revenues of 2.05 billion euros and is well-established in the industry at national and international level.