Friday, September 29, 2023

Evergreen assists Euskaltel with €200m CP Programme registration in MARF

Evergreen Legal has helped Euskaltel with the registration of a €200 million Commercial Paper Programme in MARF


MARF, BME’s Fixed Income market, has admitted a €200 million Commercial Paper (CP) Programme from Euskaltel. This continuous issuance programme allows Euskaltel to access qualified investors on a recurring basis and diversify its financing sources through the issuance of CP issues, whose maturity can now reach up to two years.

Banca March is the Lead Arranger and Registered Advisor under the Programme. Banca March, Banco Santander, Banco Sabadell, Bred Banque Populaire, Norbolsa and PKF Attest are participating as Placement Entities. Evergreen Legal has provided legal advice on the registration of the Programme.

“The admission of this programme to MARF, until now registered outside Spain, is the result of BME’s efforts to encourage fixed-income issues in our country, facilitate the access by Spanish and international companies to capital markets and improve their financing conditions,” said Gonzalo Gómez Retuerto, general manager of BME Renta Fija and MARF.

Grupo Euskaltel is the leading telecommunications group in fibre optic, broadband, telephony, pay-TV and convergent telecommunications services in northern Spain. Since its origins, which date back to 1995, its activity has been characterised by its strong links and commitment to the Basque Country, Galicia and Asturias, where it has traditionally developed its activities through the operators: Euskaltel, R Cable and Telecable. More recently, in May 2020, with Virgin Telco, it expanded its service offering to Navarra, La Rioja, León, Cantabria, Catalonia and the rest of Spain.

In March 2021 Grupo Másmóvil filed a voluntary tender offer for all the shares of Euskaltel. Following acceptance by shareholders, in August, Másmóvil became the owner of all Euskaltel’s shares, allowing the combined group to expand its telecommunications services offering with more than 14 million mobile and broadband services, more than 27 million homes with fibre optics, 4G coverage throughout Spain and 5G coverage in close to 700 Spanish municipalities.

Euskaltel reported consolidated revenues in 2020 of €677.8 million and a net profit of €79.4 million.

Evergreen Legal acted as sole transaction counsel advising both the Issuer and the Placement partners. Evergreen Legal’s team was led by partner Alberto Campo and counsel Yurena Medina.

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