Press Release

MARF admits to trading a new Sustainable Commercial Paper Programme from ENCE for 200 million euros

10 October, 2023

The BME's fixed income market, MARF, has admitted to trading a new Sustainable Commercial Paper Programme of ENCE - Energía y Celulosa, for an outstanding balance of 200 million euros. The Commercial Paper to be issued under the program will be linked to ESG criteria, as they have specific sustainability objectives and indicators, whose measurement and degree of compliance will be analyzed and reported annually by ENCE, and which have been subject to an independent second-party opinion granted by G-Advisory.

Banca March has participated as Registered Advisor of the Program and, in addition to Banca March itself, Banco de Sabadell, Norbolsa and Renta 4 Banco will be the Placement Entities. Uría Menéndez Abogados has acted as legal counsel in the Commercial Paper Programme.

After this listing, MARF, which has just completed its first ten years of life with more than 70 billion euros of financing channeled to the real economy, has 17 programs of sustainable Commercial Paper Programmes with a maximum outstanding balance of 3.1 billion euros.

ENCE is a company engaged in the production of cellulose and renewable energy, committed to sustainability and the promotion of the bioeconomy. Its activity is based on the use of raw materials of biological and renewable origin. With these natural products, ENCE manufactures pulp of the highest quality, which is used to produce a wide range of everyday paper products that are environmentally friendly and recyclable. The company develops its management through an integrated pulp and energy business model that takes advantage of its strong position in forest supply, divided into four business areas: pulp, renewable energy, forest management and biogas.

Its activity began in 1957 when the National Institute of Industry created the National Cellulose Companies of Pontevedra, Huelva and Motril. At the end of 2022, its consolidated turnover reached 1billion euros and obtained an EBITDA of 247.6 million euros. ENCE has been listed on the stock exchange since its privatization in 2001 and is part of the Ibex Medium Cap® index.

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