MARF, BME’s Fixed Income market, today registered a new commercial paper (CP) programme by Finycar, company owned by Grupo Sorigué. Finycar accesses the market to diversify its short-term financing sources. Under this program, the company will be able to register individual tranches of CPs with nominal per-unit amounts of 100,000 euros, maximum terms of 2 years and an outstanding volume of up to 50 million euros.
Bankinter acts as the programme’s Sole-Lead Arranger and as Placement Entity for the CPs. It will also be Finycar’s Payment Agent in MARF. Deloitte Financial Advisory is the issuer’s Registered Advisor, while law firm J&A Garrigues has legally advised the issuer on the programme’s launch and registration with MARF.
Founded in 1954, Finycar is Grupo Sorigué’s leading company which operates in the construction, management, conservation, hydraulic engineering and real estate sectors. It is also concerned with water, environment and waste management, the manufacture of asphalt and construction materials and, to a lesser extent, agricultural exploitation and investment in new businesses.
Finycar reported consolidated revenues of 442.5 million euros in 2017 and Grupo Sorigué employs 3.867 workers.