spot_img
Thursday, February 22, 2024

Garrigues, Simmons & Simmons advise on REE´s €1bn CP programme on AIAF

Garrigues has advised Red Eléctrica de España (REE) on the registration of a multicurrency Commercial Paper (CP) programme, under which the company will be able to issue up to €1 billion, with Simmons & Simmons representing Santander as Arranger

-

BME’s fixed income market, AIAF, has registered Red Eléctrica de España’s (REE) Euro Commercial Paper Programme 2022, which had previously been admitted to trading outside Spain.  Under this multicurrency Commercial Paper (CP) programme, the company will be able to issue up to €1 billion in CPs over the next 12 months with nominal per unit amounts of €500,000 or dollars and maturities ranging between 3 and 364 days. 

Under the programme, Santander Corporate & Investment Banking acts as Arranger and Dealer and BBVA, Barclays, Bred Banque Populaire, Caixabank, CIC, Citigroup, Crédit Agricole CIB, ING and Natwest Markets as Dealers. The payment agent under the programme is Caixabank. Garrigues has provided legal advice to the issuer while Simmons & Simmons has acted as counsel to Santander as Arranger.

The company has a short-term credit rating of A-2 from Standard & Poor’s and F1 from Fitch.

Emilio Cerezo, CFO of Grupo Red Eléctrica, highlighted that “we are very happy about all the assistance we have received to join a market that is so strongly committed to attracting foreign investors to the domestic market.”

“This transaction is the result of BME’s continued efforts to improve its efficiency in attracting issues to the Spanish market. With close to 100 commercial paper programmes registered in BME’s AIAF and MARF fixed income markets, the admission to trading of Red Eléctrica’s programme reinforces us as a reference for these operations,” said Gonzalo Gómez Retuerto, general manager of BME Renta Fija.

Red Eléctrica de España is the sole operator and transporter of the Spanish electricity system. Founded in 1985, it guarantees the supply of electricity in Spain with high quality standards and carries out this mission under the principles of transparency, objectivity, independence, economic efficiency and a firm commitment to sustainable development. Grupo Red Eléctrica is listed on the Spanish Stock Exchange and is listed on the IBEX 35®.

Simmons & Simmons advised Santander as Arranger with a Banking & Finance team led by partner Alfredo de Lorenzo (specialised in Capital Markets), together with of counsel Ignacio González and Banking & Finance associate Jorge Puyol.

Garrigues advised the issuer with a Madrid office team including Corporate/Commercial partner José Luis Palao and principal Banking and Finance, Securities Market and Corporate/Commercial associate Li Jun Chen.

- Advertisement -spot_img
- Advertisement -spot_img

MOST READ NEWS

KWM guides Moira Capital´s €10m investment in IEQSY

Moira Capital Partners has closed the year with its 14th investment. IEQSY is a Spanish company specialising in the design and manufacture of systems...

BM assists AEW with two retail parks acquisition

AEW has been advised by Baker McKenzie on the acquisition of two prime retail parks in Spain: Rivas Futura, one of the largest prime...

BM counsels Merkel Asset Management on student residence financing

Baker McKenzie's Real Estate team has advised Merkel Asset Management on the financing for the construction of a new student residence in Sabadell, Barcelona,...
spot_img
spot_img
spot_img
spot_img
- Advertisement -spot_img
error: