MARF admits a 100 million-euro commercial paper programme to trading from Metrovacesa

19 October, 2020

BME’s Fixed Income Market, MARF, today has admitted Metrovacesa’s first Commercial Paper (CP) Programme to trading. This programme will allow the company to access new qualified investors to diversify its financing sources and place CPs with an outstanding balance of up to 100 million euros.

Norbolsa has been Metrovacesa’s Registered Advisor and Banco Sabadell has been the Arranger. Banco Sabadell, Banco Santander and Norbolsa are the Programme’s Dealers and they will be in charge of distributing the different CPs that are issued next year among institutional investors. The legal advisor for the CPs Programme has been Uría Menéndez Abogados.

Metrovacesa is a real estate development company with 100 years of history and has been listed on the Spanish stock exchange since February 2018. Its core activity focusses on the promotion and sale of houses, complemented with the development of commercial projects and active land management. Currently, it has a land portfolio valued at 2.6 billion euros as of June 2020, and it has 5,000 homes on the market (86 projects) and nearly 3,500 homes under construction.

In 2019 the company posted sales of 170.1 million euros and an EBIT of 2.6 million, and its loan-to-value ratio as of June 2020 is 5%. It has a staff of around 200 employees.

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