MARF registers a new 100 million-euro commercial paper programme by PRYCONSA

BME’s Fixed Income Market, MARF, has admitted a new commercial paper (CP) programme by Pryconsa to trading. Through this new tool the company will be able to place CPs with a maximum outstanding volume of 100 million euros and maturities up to twenty-four months.

Banca March acts as a Sole Lead-Arranger, Collaborating Entity and Registered Advisor of Pryconsa with MARF. The legal advisor of the issuer for this transaction has been law firm J&A Garrigues.

Founded in 1965, the company holds a relevant competitive position in the residential segment in Spain. Throughout its history it has sold over 69,000 houses and ranks among the major companies in its sector. Its product portfolio comprises assets ranging from residential properties to tourist complexes. It also operates in the services industry (retail units, shopping centres and offices) and in the residences for the elderly segment.

Pryconsa reported total revenues of 212.3 million euros in 2018. Real estate development accounted for 87% of its total sales last year. The remaining sources of income derive mainly from the construction of real estate assets, - representing 10.3% of total revenues last year – and from the direct management of a portfolio of rental assets.