Press Release

MARF registers a commercial paper and a bond programme from La Sirena

1 December, 2021

La Sirena Alimentación Congelada has simultaneously registered a commercial paper (CP) and a bond programme with MARF, BME's Fixed Income Market, with a value of 100 million euros each. With the registration of these two new programmes La Sirena aims to access qualified investors to diversify its financial resources and benefit from all the financing alternatives and maturities available in the Fixed Income markets. As usual, the commercial paper programme is authorised to issue CPs  with maturities ranging between 3 days and 2 years, while the bond programme will allow the placement of medium and long-term securities with coupons that may be fixed or variable, depending on the conditions of each issue.

PKF Attest, Banca March and Beka Finance act as Placement Entities in the commercial paper programme. PKF Attest will also be the Placement Entity for the bond program. J&A Garrigues is the legal advisor to the issuer in connection with the registration of the programmes and PKF Attest is its Registered Advisor.

Axesor Rating has assigned a long-term corporate rating of BB- with stable trend to La Sirena Alimentación Congelada.

La Sirena’s beginnings date back to 1983 and its activity is focused on the frozen food distribution sector. It has more than 800 references, including fish, seafood, vegetables, meats, ready meals and desserts. The company constantly analyses consumer preferences to launch new products aligned with customer’s demand and food market trends. Its activity is carried out mainly through its own stores, through its own retail distribution channel, with 220 stores in Catalonia and 42 in Madrid. In addition, the company operates three franchises and has expanded its multichannel strategy through wholesale distribution via well-established brands, such as Amazon, Caprabo, Carrefour and other food delivery platforms such as Glovo.  The company has also strengthened its online sales channel.

At the end of last fiscal year, on April 30, 2021, La Sirena achieved a consolidated turnover of 194.4 million euros and an EBITDA of 15,6 million euros.

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