The Mercado Alternativo de Renta Fija (MARF) has admitted a commercial paper programme by Grupo Barceló, with a maximum outstanding amount of €50 million.
Banca March is the Sole Lead Arranger and Registered Advisor for this issue and has designed, structured and will distribute the issue of this commercial paper among its own institutional and qualified clients, while also acting as Payments Agent. The legal advisor for the issue is J & A Garrigues.
The maturity of the commercial paper issued under this programme will vary between 3 and 180 calendar days (six months at maturity). The nominal amount of the securities is €100,000. The interest rate will be decided on a case by case basis.
The Barceló Group was established in Palma de Mallorca (Spain) in 1931 and operates in the tourism sector through two main business lines, namely, its hotel (hotel management) and travel (retail and wholesale) areas. The company operates more than 140 hotels in Europe, the US, North Africa and Latin America and the Caribbean and its staff exceeds 18,000 employees worldwide. The group, with sales in 2013 totaling €1.07 billion and EBITDA of €169 million, has built on the opportunities the market offers to diversify its operations and sources of finance.