A year after issuing its first bonds on the Market, MARF has admitted a new issue of bonds by COPASA, with a value of €30 million. The term of the issue is 6 years and the coupon is 7%. Rating agency Axesor has assigned the issuer a credit rating of BB, with a stable outlook.
The new issue has been placed among qualified domestic and foreign investors, by the following institutions: Bankinter, as Global Coordinator and Bookrunner of the transaction, Banco Popular and KNG Securities as Joint Lead Managers and Ahorro Corporación, Banco Finantia and Intermoney as Co-Leads.
The Registered Advisor in MARF is Didendum. Gómez-Acebo & Pombo has legally advised COPASA and J&A Garrigues has advised the Bookrunners.
With this new bond issue COPASA has already raised €100 million in MARF in new capital: €80 million through the issuance of medium-term bonds with maturities of 5 and 6 years, and €20 million through the launch of a Promissory Notes Programme, which allows the firm to issue this type of short-term instruments with a maturity of up to 2 years.
COPASA specialises in building all kinds of infrastructure, railways, waterworks, roads and buildings as well as their operation and maintenance. It also specialises in water treatment plants, car parks management and municipal waste collection. Today, its services extend to the various Spanish regional governments as well as the central Spanish Administration. The company has made a clear commitment to its internationalisation, significantly expanding its operations in other countries, particularly in Latin America and Saudi Arabia. In the latter, it forms part of the consortium responsible for the construction of the railway line connecting Medina and Meca.