Vía Célere Desarrollos y Promociones has registered a new Commercial Paper programme with a maximum outstanding of €100 million in MARF, BME’s Fixed Income Market. The programme will allow the Company to issue short-term debt with maturities up to 24 months and to diversify its funding sources during the following 12 months.
PKF Attest is the global coordinator and the Registered Advisor of the programme in MARF. CaixaBank and Haitong Bank are the Placement Entities of the programme. Cuatrecasas, Gonçaves Pereira acts as the legal advisor.
Founded in 2007, Vía Célere is a real estate company specialized in the development, investment, and management of residential assets. The Group is mainly present in Madrid, Malaga, Barcelona, Seville and Valencia. This position is complemented with their presence in several regional capitals in Spain, and in Portugal.
Since 2007, Vía Célere has already delivered more than 4,400 homes, showing a solid experience in startups, development, and delivery of high-quality residential developments throughout Spain. Currently, the Group is one of the benchmark companies within its sector both in Spain and Portugal.
As of December 2019, Vía Célere had consolidated revenues of €362.7 million, an EBITDA of €33.7 million and a Net Profit of €22.4 million. The Group had, at year-end, 482 employees.
Commercial Papers are 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.
Source: BME (See the entire post)