MARF registers a 50 million-euro commercial paper programme from Cecotec

BME’s Fixed Income Market, MARF, has registered a 50 million-euro Commercial Paper (CP) Programme from Cecotec. With this new short-term securities issuance programme, the company opens up a new financial channel and diversifies its financing sources by issuing CPs with maximum terms of 2 years and nominal per-unit values of 100,000 euros.

Banca March is the Sole-Lead Arranger and Placement Entity for the Programme. It is also the Registered Advisor and Cecotec’s Payments Agent in this BME market. The issuer’s legal advisor for the registration of the Commercial Paper Programme has been Cuatrecasas, Gonçalves Pereira.

Cecotec is a family business that focuses its activity on the design, manufacture, import and commercialisation of small household electronic devices. It offers a wide range of products: vacuum cleaners, kitchen robots, programmable pressure cookers, blenders, coffee makers and, since the end of 2018, electric scooters.

The company started marketing its products via small appliances in newspapers and magazines. In 2015 Cecotec went on to sell directly to end-customers and in large international distribution chains. Its flagship appliance, the “Conga” robot vacuum cleaner, has been among the best-selling products on Amazon Spain in 2017 and in 2018.

Since it changed its commercial policy, the sales growth reported by Cecotec has led it to increase turnover from 9.6 million euros in 2016 to 106.4 million in 2018, when it reported EBITDA of 23.4 million.