Sacyr has renewed its Euro Commercial Paper (ECP) programme listed on the Irish Stock Exchange (ISE), with a maximum outstanding amount of 200 million Euro. The programme will allow the Company to continue issuing short-term debt with maturities up to 364 days and diversifying its funding sources.
PKF Attest is the Listing Agent of the programme and continues as the global coordinator. The programme has five dealers; Banco Sabadell, Fidentiis, Haitong Bank, BRED Banque Populaire and Banco Santander. Bank of New York Mellon acts as the Paying Agent.
Sacyr is a blue-chip, listed, multinational infrastructure and services company, with a market value of €1,513 million at year-end 2019. The Group has an international strategy since mid-90s and, currently, is present in almost 30 countries thought its subsidiaries, with over 37,000 employees.
As of 2019 the Group had consolidated revenues of €4,169 million and an EBITDA of €680 million. At year-end, its backlog of projects pending execution exceeded €42,965 million.
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.