BME - Bolsas y Mercados Españoles Sociedad Holding de Mercados y Sistemas Financieros SA

07/19/2021 | Press release | Distributed by Public on 07/19/2021 06:00

Naviera Elcano issues a new bond of 60 million in MARF

  • With this new 5-year placement, it refinances its issue launched in November 2016 and raises additional funding for its growth

BME's Fixed Income Market, MARF, has registered today a new bond issue of Empresa Naviera Elcano. This is the third time that Elcano has gone to this market after the issues made in November 2016 and July 2018 for respective amounts of 33.5 and 50 million euros. The new bond has an interest rate of 4.875%, matures in July 2026 and has a total volume of 60 million euros, which will be used for the partial redemption of the 2016 issue, the repayment of other debts and the financing of Elcano's future growth.

Banco Sabadell and Banca March are acting as Global Coordinators and Bookrunners of the issue. Analistas Financieros Internacionales, AFI, is Elcano's MARF Registered Advisor, and Banco Sabadell will be its Paying Agent.

J&A Garrigues has acted as legal advisor to the issuer and Cuatrecasas to the dealers.

Axesor Rating has assigned Elcano a credit rating of BBB- with a stable outlook.

Empresa Naviera Elcano was incorporated in 1942 by the Spanish Instituto Nacional de Industria (INI) with the dual vocation of operating as a shipbuilder and shipping company. In 1964 it split off its activities, focused exclusively on maritime transport, and was privatised in 1997. Throughout its history, Elcano has owned and operated 230 vessels of all types.

Today, Grupo Elcano is the head of an international maritime group with subsidiaries in Spain, Portugal, Brazil, Argentina and Malta, including in its structure 19 operating and ship-owning subsidiaries, and with its own fleet of 22 ships. It had total revenues in 2020 of 1,125 million dollars and EBITDA of 81.6 million.