Cementos Molins registers a 100 million euro promissory note programme in the MARF

Banco Sabadell and Banca March are collaborating in the placement.

Cementos Molins has registered its first promissory note programme on the Mercado Alternativo de Renta Fija (MARF). Through this operation, Cementos Molins will be able to issue over the next twelve months promissory notes up to a maximum outstanding balance of 100 million euros. The securities will be exclusively placed among professional investors, will have a unit face value of 100,000 euros and maturities of up to 24 months.

“With this promissory note programme Cementos Molins diversifies its sources of short-term financing”, explains Jorge Bonnin, CFO of Cementos Molins, who frames the operation within the strategy of promoting the diversification and flexibility of the company’s financing, as well as taking advantage of the most advantageous interest rates compared to other available instruments.

Cementos Molins presents a solid financial situation, with a net financial debt of 86 million euros at the end of the third quarter of 2020, a figure that represents a reduction of 52% compared to 31 December 2019. The Net Financial Debt / EBITDA multiple decreased to the level of 0.5. In addition, the financing structure was optimised in December last year through a syndicated financing of EUR 180 million linked to sustainability targets.

Banco Sabadell and Banca March will act as Placement Entities in the Promissory Note Programme and Banco Sabadell will act as Registered Advisor to Cementos Molins in MARF. J&A Garrigues has advised the company on the registration of the programme.