La Sirena has incorporated its first promissory note program, as well as a bond program in the Mercado Alternativo de Renta Fija (MARF) for a maximum amount of 100 million in both cases. The promissory notes program will allow it to issue debt with a maturity of up to two years during the next 12 months, while the bond program will allow it to issue medium and long-term debt. The company's objective is to access qualified investors to diversify its financial resources and cover all financing alternatives.
La Sirena is a company specialized in the food distribution of frozen products and has more than 800 products, including fish, seafood, vegetables, meats, ready meals and desserts.
The company was founded in 1983 and today has a network of 250 stores in Catalonia, Madrid, Castilla-León, Andorra, Levante and Aragón. La Sirena's main value is to understand the preferences of its consumers and to launch new products in line with customer demand and food market trends.
Its activity is mainly developed through its own stores, through its own retail distribution channel and has expanded its multichannel strategy through wholesale with distributors such as Amazon, Caprabo, Carrefour or even Glovo, as well as through its online sales channel. In addition, since 2013 La Sirena has had a loyalty program "La Sirena Club" which boosts a large part of the Group's sales and currently has approximately 1.7 million members. This program offers its consumers the option of receiving personalized and specific offers with the aim of maximizing the customer's lifetime value and, at the same time, analyzing consumer behavior and developing communication towards the target audience.
PKF Attest, Banca March and Beka Finance act as Placement Entities in the promissory note program, with PKF Attest as Registered Advisor.
In the bond program, PKF Attest is both Placement Entity and Registered Advisor. J&A Garrigues has been the legal advisor for both transactions.
The company obtained a long-term rating of BB- with a stable trend from Axesor Rating.
At the close of its last fiscal year, in April 2021, La Sirena had a turnover of 194.4 million and an EBITDA of 15.6 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.
Maturity of Notes ranges from 3 days to 24 months for Pagarés Programmes and from 1 to 364 days for ECP (European Commercial Paper Programmes).
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)
