MARF, BME’s Fixed Income market, has admitted a 200 million euro Commercial Paper (CP) Programme from Euskaltel. This continuous issuance programme allows Euskaltel to access qualified investors on a recurring basis and diversify its financing sources through the issuance of CP issues, whose maturity can now reach up to two years.
Banca March is the Lead Arranger and Registered Advisor under the Programme. Banca March, Banco Santander, Banco Sabadell, Bred Banque Populaire, Norbolsa and PKF Attest are participating as Placement Entities. Evergreen Legal has provided legal advice on the registration of the Programme.
"The admission of this programme to MARF, until now registered outside Spain, is the result of BME's efforts to encourage fixed income issues in our country, facilitate access by Spanish and international companies to capital markets and improve their financing conditions," says Gonzalo Gómez Retuerto, General Manager of BME Renta Fija and MARF.
Grupo Euskaltel is the leading telecommunications group in fibre optic, broadband, telephony, pay TV and convergent telecommunications services in northern Spain. Since its origins, which date back to 1995, its activity has been characterised by its strong links and commitment to the Basque Country, Galicia and Asturias, where it has traditionally developed its activities through the operators: Euskaltel, R Cable and Telecable. More recently, in May 2020, with Virgin Telco, it expanded its service offering to Navarra, La Rioja, León, Cantabria, Catalonia and the rest of Spain.
In March 2021 Grupo Másmóvil filed a voluntary tender offer for all the shares of Euskaltel. Following acceptance by shareholders, in August Másmóvil became the owner of all Euskaltel's shares, allowing the combined group to expand its telecommunications services offering with more than 14 million mobile and broadband services, more than 27 million homes with fibre optics, 4G coverage throughout Spain and 5G coverage in close to 700 Spanish municipalities.
Euskaltel reported consolidated revenues in 2020 of 677.8 million euros and a net profit of 79.4 million euros.