The Elecnor Group has published a new multi-currency promissory note programme on the Alternative Fixed Income Market (MARF), with a limit of €400 million, to finance Working Capital needs and new projects, both in Spain and internationally, in the areas of engineering, infrastructure development and construction, renewable energies and new technologies.
This is the group’s first programme linked to sustainability, including targets for reducing greenhouse gas emissions and workplace accidents, which, if not met, imply a commitment to contribute to sustainable projects.
The operation is part of Elecnor’s strategy to diversify and optimise the costs of its sources of financing. Through this new programme, the company will have access to financing, both in euros and $US dollars, for terms of up to 24 months.
In the last eight years, Elecnor has made 196 issues for a total of €6.5 billion, making the group one of the main issuers of promissory notes in the Spanish market.
For this promissory note programme, Elecnor will have Banca March and Banco de Sabadell as underwriters. Banca March is the registered advisor. Cuatrecasas is the provider of legal advice, and G-Advisory is the consultancy firm that will issue sustainability reports.
Cuatrecasas advised Elecnor with a team comprising Finance & Capital Markets partner Miguel Cruz, together with lawyers Gonzalo Terceño and Miguel Angel Gonzalo Salazar.
