MARF registers a 12 year-term Bond issue by ULMA

6 September, 2019

  • The issue has a volume of €50 million, a coupon of 2.25% and will reach its maturity in 2031
  • This is the second time ULMA relies on this BME market for its funding with a new bond issue that complements its Commercial Paper Programme

ULMA Inversiones, Sociedad Cooperativa, has registered a €50 million new bond programme in BME’s Fixed Income market (MARF). The bonds will accrue a 2.25% coupon and will have nominal per-unit values of €100,000. They will reach their maturity in 2031. 

The placement of the bond has been coordinated by Alantra who is Arranger, Placement Entity and Registered Advisor in MARF in this issue. J&A Garrigues has acted as ULMA Legal Advisor in the issuance and registry process in the market, while Gómez-Acebo & Pombo Abogados has advised the investors on the Spanish & English regulation.

The issue has been carried out through a private placement in which various international insurance companies have invested in the bond.

The issuer is a second-tier cooperative firm that is part of Grupo ULMA, which in turn is embedded in Corporación Mondragón. Grupo ULMA has been operating in the Spanish domestic market and abroad for 60 years. It comprises 9 strategic business units, with activities in different economic areas as agriculture, architectural solutions, forklifts, construction, conveyor, handling systems, packaging and piping. The company has presence in more than 80 countries and employs around 5,200 people.

The Group's consolidated revenue in 2018 was €876 million, and its EBITDA for the same period amounted to €117.5 million. A 74% of the Group’s sales have their origin in foreign markets.

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