Molins completes financing and bond debut: advisors
Uría Menéndez has advised Molins on the inaugural offering of €500 million in 5.500% senior notes due 2033. The notes were issued through Molins Finance, its wholly owned finance subsidiary, and are guaranteed by certain subsidiaries of the group. Cuatrecasas, for its part, has advised a syndicate of financial institutions and the initial purchasers of the bond in a transaction structured in two complementary phases, to partially finance the acquisition of the Portuguese company Secil.
The deal was structured in two complementary phases, to partially finance the acquisition of the Portuguese company Secil.
In the first phase, Molins, through its subsidiary Molins Finance, S.A.U., entered into a sustainability-linked syndicated financing in March for an amount of €680 million, led by BBVA and CaixaBank together with other international financial institutions. This transaction was complemented by a €500 million bridge-to-bond facility, led by Banco Santander and J.P. Morgan, intended to be refinanced through the bond issuance.
In the second phase, Molins carried out its inaugural bond issuance for an amount of €500 million, completed in May, with a maturity in 2033 and a fixed coupon of 5.50%. The proceeds will be used to strengthen the company’s capital structure and liquidity profile, as well as to fully repay the aforementioned bridge-to-bond financing.
In connection with the issuance, J.P. Morgan and Banco Santander acted as Global Coordinators and Joint Bookrunners, while HSBC and Intesa Sanpaolo acted as Joint Bookrunners, BBVA and CaixaBank as Bookrunners, and Banco Sabadell as Manager.
This transaction strengthens Molins’ financial strategy and its position following the acquisition of Secil, combining bank financing with access to the capital
markets.
Advisory team
The Uría Menéndez team was led on the capital markets side by partner Gabriel Núñez Fernández and managing associate José Ignacio Baus Garcés, supported by senior associate Rocío Mackinlay Bustamante and associate Fedir Ragulin, all based in Madrid. Tax advice was provided by partner Violeta Pina and senior associate María González Cuervo, also from the Madrid office.
The Cuatrecasas team advising on the transaction was led by Manuel Follia and Ana Maria Gamazo, together with Íñigo Várez, Antonio Ridao, Guillermo Castellanos and Carles Calzado, from the Finance and Debt Capital Markets teams.
