Cuatrecasas guides GME´s debut on MARF
Cuatrecasas advised García Munté Energía (GME) on registering its first Commercial Paper Programme with the Spanish Alternative Fixed-Income Market (MARF) for €50 million
BME’s Fixed Income Market, MARF, has registered the first Commercial Paper Programme from García Munté Energía (GME). With this debut on MARF, GME will be able to access new qualified investors to diversify its financing sources and place CPs up to an outstanding balance of €50 million. The programme will enable GME to diversify its sources of funding through the issuance of short-term instruments in the capital market. The securities issued will be in euros and will be able to have due dates with a difference of up to 24 months.
Banca March is acting as Collaborating Entity, Paying Agent and Registered Advisor under the Programme, and will be responsible for distributing the various CPs to be issued over the coming year.
Cuatrecasas has advised the issuer in connection with the legal aspects of the Programme’s registration.
García Munté Energía is a family business group founded in 1922, whose main business lines are the trading and distribution of solid fuels, where it is the leading operator in Spain, Portugal and Morocco. GME manages the logistics of more than seven million tonnes of energy raw materials, such as petcoke, metallurgical coke, thermal coal and anthracite, used in the cement, chemical and metallurgical industries. It also operates in such products as the biomass obtained from forestry and agricultural waste.
García Munté Energía has focused on boosting agility and security in the supply of raw materials, minimising costs and looking for the sustainability of its facilities. This it invests in infrastructures that allow it to be closer to its customers, such as port terminals and warehouses. The GME Group is currently present in eight countries and plans to open subsidiaries in Italy and Tunisia in the near future. In 2019, the company posted a turnover of €649 million and an EBITDA of €21 million.
Cuatrecasas advised GME with a Finance team led by partner Miguel Cruz Ropero (pictured left), together with lawyers Nuria Burillo (pictured top right) and Gonzalo Terceño (pictured bottom right).