Teknia has renewed its Commercial Paper programme in MARF, BME’s Fixed Income market, maintaining the maximum outstanding amount of 25 million Euro. The programme will allow the Company to continue issuing short-term debt with maturities up to 24 months and diversifying its funding sources.
PKF Attest continues as the Registered Advisor and the coordinator of the programme since its debut in 2018 in MARF. Bankinter acts as the Paying Agent and Cuatrecasas, Gonçalves Pereira as the Legal Advisor of this programme. Beka Finance has been incorporated as a dealer alongside Norbolsa and Bankinter as permanent dealers.
Teknia Manufacturing was founded in 1992. Its activity is focused on the automotive sector, developing and supplying components to a portfolio of companies. The Group has a presence in 14 countries (Spain, Germany, Czech Republic, Serbia, Romania, Poland, Mexico, Brazil, USA, Morocco, China, Japan, South Korea and Turkey) through factories, trade offices and I+D development centers.
Teknia has a BB rating, stable outlook, by Axesor.
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.