Family Cash debuts on MARF with a 20 million euro bond issue

12 February, 2021

Family Cash has applied to list a 20 million euro bond issue on BME's fixed income market, MARF. The securities have a per-unit nominal value of 100,000 euros, maturity on 23 December 2025 and a 3.5% coupon. The issue will include a mortgage guarantee  on several properties owned by the issuer. The proceeds raised are to fund the execution of the company's growth strategy for the coming years.

Alhambra Partners has been the Placement Entity for the issue. GVC Gaesco Valores is participating as Payment Agent and PricewaterhouseCoopers will be the issuer’s Registered Advisor in MARF.

PricewaterhouseCoopers Tax & Legal has acted as the company’s legal advisor.

Axesor Risk Management has issued a rating report assigning Family Cash a corporate rating of BB with a stable outlook. The bonds will also have a BBB- credit rating by the same rating agency based on the planned mortgage collateral structure.

Family Cash is a supermarkets  and hypermarkets chain that was founded in 2013 in Xátiva (Valencia). Since 2014, the company has developed an ambitious expansion plan with new shop openings in the Valencian region, Andalusia and Castilla-La Mancha, reaching 23 stores. In 2021 it continues with its growth strategy and plans to open 9 shops in the regions in which it is already present, as well as in Aragon and the south of Catalonia.

The Family Cash business model is based on owned, non-franchised shops, located in malls on the outskirts of urban centers and featuring sections for food, textiles, hardware, gardening, household goods, etc. In 2019 the company achieved sales of 177.9 million euros and its operating income was 5.08 million euros. Family Cash currently employs a total of 1,906 employees.

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