CAF has renewed the Commercial Peper programme with a maximum outstanding balance of up to €250 million that it first registered in December 2020 on the Fixed Rate Alternative Market (MARF), as reported to the Spanish National Securities Market Commission (CNMV), as seen in the Memorandum for the admission document.
Norbolsa acts as Arranger, while the programme’s dealers are Banca March, Banco Sabadell, Banco Santander, PKF Attest Capital Markets and Norbolsa, according to the renewal document.
The programme will allow the train and bus manufacturer based in Beasáin (Guipúzcoa) to issue promissory notes with a maturity of less than 731 days over a 12-month period.
The maximum amount of Notes issued by the Issuer under the Programme from time to time will be €250,000,000 in nominal value. Each Note will have a nominal value of €100,000, therefore, the maximum number of these Notes outstanding at any given time shall not exceed 2,500.
CAF’s registered advisor on the MARF is also Norbolsa and the Paying Agent will be Banco Santander. Clifford Chance has provided legal advice to the company on the registration of the programme.
The CAF Group currently operates in more than 40 countries and has production plants in Spain, France, Germany, the United States, Brazil, Mexico, Poland and the United Kingdom, as well as a large number of subsidiaries throughout the world.
Clifford Chance advised CAF with a team led by partner Yolanda Azanza, together with lawyers Francisco Pizarro and Mariana Ceballos.