Cunext registers its first Commercial Paper Programme with MARF for 50 million euros

BME’s Fixed Income Market, MARF, today admitted the first Commercial Paper (CP) Programme to trading from Corporación Cunext Industries. This commercial paper programme will allow the new issuer on MARF to access qualified investors flexibly to diversify its funding sources and place CPs up to an outstanding balance of 50 million euros, with maturities up to 2 years.

Banco Santander acts as Sole Arranger and Payment Agent for the Programme. Banco Santander itself and Bestinver participate as Placement Entities and will be responsible for distributing the various CP issues to be launched in the next 12 months.

PricewaterhouseCoopers Asesores de Negocios is the new issuer’s Registered Advisor in MARF. Cuatrecasas, Gonçalves Pereira is the legal advisor for the Programme’s registration.

Axesor Rating has assigned a corporate rating of BB- with a stable trend to Corporación Cunext Industries.

Grupo Cunext is a business group founded in 1917 in Córdoba. Its origins lie in the Sociedad Española de Construcciones Electromecánicas, which specialises in the transformation of copper and aluminium to obtain different semi-finished products, such as conductors and single filament and multi-filament wire as well as customised products: distribution lines, grounding, transformers, motor coils, magnetic circuits and compressors, mainly for the energy, automotive, enameling, railway and distribution industries. It currently has production plants in Cordoba, Vitoria and Zaragoza in Spain, Brescia in Italy and Shelby in the United States, and supplies its products to more than 30 countries.

At the end of the 2020 financial year, the company reported a turnover of 1.2 billion euros, with an EBITDA of 11.8 million euros.