BME’s Fixed Income Market, MARF, has admitted to trading a new Commercial Paper programme by Cooperativas Orensanas, Sociedad Cooperativa Galega (COREN). COREN is the largest agri-food meat cooperative in Spain, with 60 years of experience in the food sector, where it has a wide presence in the poultry, pork and beef markets. The Group is one of the largest business groups in northern Spain, has a presence in 37 countries (among others, Portugal, United Kingdom, France, Indonesia and South Africa) and employs more than 3,000 professionals, representing 10.38% of the foreign market in terms of total sales in 2021.
The maximum amount of the CP Programme shall be €50 million nominal. Each Note shall have a nominal value of one €100,000), with the maximum number of promissory notes outstanding at any given time may not exceed 500. The term of the programme is one year.
Banca March acts as Registered Advisor, which also acts as Paying Agent and Collaborating Entity, while Garrigues acted as Legal advisor to the issuer.
Garrigues advised with a team formed by partner Gonzalo García-Fuertes, together with principal associate Lijun Chen and associate David Fernández.