Eurofirms Group has incorporated its first commercial paper program for a maximum amount of 30 million euros in the Alternative Fixed Income Market (MARF). The program will allow the Company to access qualified investors to diversify its short-term financial resources, a wider range of funding sources and optimize its debt management in terms of costs and maturities. The promissory note program will allow the Company to issue debt with a maturity of up to two years over the next 12 months.
For the development of the program Eurofirms has entrusted PKF Attest as Registered Advisor of the MARF and global coordinator of the program. The distribution of the securities will be carried out by PKF Attest and Banco de Sabadell as Collaborating Entities. Banco Inversis will act as Paying Agent for the issues. The law firm J&A Garrigues has been the legal advisor in the process.
Eurofirms Group is the first company with national capital specialized in the integral management of talent, through a range of services that includes the temporary recruitment of workers (ETT), customized in-plant services, outsourcing, headhunting, outsourcing of services, talent management (outplacement, strategic consulting for talent development, training and solutions adapted to the employee), etc. For the development of these activities, the Group has an online employment portal -Cornerjob- and various technological solutions of its own development that allow the digital management of the relationship with candidates, employees and clients.
For 15 years, the Group has been committed to social commitment through its Foundation, whose objective is to promote the integration of people with disabilities into the labor market.
During its more than 30 years of activity since its incorporation in 1991, Eurofirms has expanded its geographical scope and currently operates internationally through 150 delegations in Spain, Portugal, Chile, Italy and France.
Eurofirms has a rating of BB, stable trend, by EthiFinance Ratings.
At the end of 2021, the Group had a turnover of €487.2 million and EBITDA of €6.2 million.
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Commercial Papers are an efficient source of funding
Commercial Papers are short-term money-market securities used as a funding source by financial institutions, as well as governments, supranational agencies and mid and large corporations.
For corporate issuers, Commercial Papers are an extremely efficient funding source, that is complementary to banking facilities and credit lines. It is an efficient working capital solution via Debt Capital Markets.
Commercial Papers are issued under a shelf programme with a predetermined maximum outstanding size, and that are renewable annually (or every 3 years for STEP label). CPs may be issued at a discount or at a premium, they may bear fixed or floating rate interest, although they most usually carry an implicit coupon.
Maturity of Notes ranges from 1 to 364 days for ECP (European Commercial Paper Programmes), up to 24 months for Spanish Pagarés and up to 36 months for Italian Cambiali Finanziarie.
Commercial Papers are multi-currency instruments that can be issued in different currencies, predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.
Commercial Papers are issued under a shelf programme with a predetermined maximum outstanding size, and that are renewable annually (or every 3 years for STEP label). CPs may be issued at a discount or at a premium, they may bear fixed or floating rate interest, although they most usually carry an implicit coupon.
Commercial paper maturities range from 3 days to 24 months for commercial paper programs, and from 1 to 364 days for ECP (Euro Commercial Paper) programs.
Commercial Papers are multi-currency instruments that can be issued in different currencies, predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.
Source: BME (Read the complete article)
