MARF admits a 70 million euro bond issue by SIDECU

19 March, 2020

  • The company taps this BME market for the second time and refinances the bond issue it launched in 2015

MARF has admitted a new bond issue to trading by Sidecu. Through this transaction the company raises 70 million euros in new financing with a 5-year term, a bullet maturity in March 2025, and a 5% annual coupon payable semi-annually. The main objective of the transaction is to refinance the 6% coupon 55 million euro bond issue which the company launched on MARF in 2015, as well as to finance the issuer's general corporate needs.

The issue has a secured structure and includes a pledge over the concession rights, accounts and shares of some of the Sidecu Group´s companies.

The securities have been placed between qualified investors, residents and non-residents, by Arcano Partners, acting as Global Coordinator and Placement Entity, and EBN Banco, as Placement Entity. Arcano Partners acts as Sidecu's Registered Advisor in MARF while EBN Banco will be its Payment Agent. J&A Garrigues and Cuatrecasas, Gonçalves Pereira have participated as Legal Advisors to the issuer and to the placement entities, respectively.

The rating agency Axesor has assigned the issue a BB credit rating.

Sidecu, incorporated in 1993 and owned by Portobello since 2017, is the parent company of a business group specialising in the management, construction, development, operation and maintenance of municipal sports centres. It operates under the Supera and Supera 24h trademarks - its brand of proximity sports centres - and is a major operator of concessions of leading municipal sports centres in Spain and Portugal, in which countries it owns or manages 48 sports centres and facilities, of which 31 are municipal concessions.

In 2019 the company had an average of more than 175,000 subscribers, posted total revenues of 47.7 million euros and an EBITDA of 17.1 million.

Since its creation in 2013, 79 companies have raised financing through MARF. The outstanding balance of this BME Fixed Income market amounts to 5.3 billion euros.

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