ACS Group has renewed its French Commercial Paper programme, known as NEU CP (Negotiable European Commercial Paper), listed on the Luxembourg Stock Exchange, with a maximum outstanding up to €500 million. The programme will allow the Company to continue issuing short-term debt with maturities up to one year and diversifying its funding sources.
PKF Attest continues as the global coordinator and the Listing Agent of the programme. The programme has five dealers; BNP PARIBAS, BRED Banque Populaire, Crédit Agricole, ING and Natixis. Dentons Europe acts as the legal advisor of the programme.
ACS Group is a listed, multinational reference in the construction and infrastructure development industries, both civil and industrial. As of 2019, the Group had consolidated revenues of €39,048.9 million and an EBITDA of €3,148, employing over 190,000 workers worldwide.
Commercial Paper is an efficient source of funding
Commercial Papers are short-term money-market securities used as a funding source by financial institutions, as well as governments, supranational agencies and mid and large corporations.
For corporate issuers, Commercial Papers are an extremely efficient funding source, that is complementary to banking facilities and credit lines. It is an efficient working capital solution via Debt Capital Markets.
Commercial Papers are issued under a shelf programme, that has an annual validity (renewable) and a predetermined maximum outstanding size. Notes under a CP programme may be issued at a discount or at a premium, they may bear fixed or floating rate interest. Although CPs, most usually, carry an implicit coupon, they are issued at discount and mature at par (100%)
Maturity of Notes ranges from 3 days to 24 months for Pagarés Programmes and from 1 to 364 days for ECP (European Commercial Paper Programmes).
Commercial Papers are multi-currency instruments that can be issued in different currencies; predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.