FC
Finance and Capital Markets
ONTIER SPAIN

First Issue of Bonds



Problem

Industrial company in search of new sources of financing in order to obtain new funds to finance its operations. The company had significant expenses in immobilised investment for the development of its business of design and construction of infrastructure until its handing over or implementation. The company already had a multitude of bilateral bank loans and a large loan union that involved multiple guarantees and other restrictions to its operations. The package of guarantees needed to be applicable to future bondholders so that they would be in the same position as the other company's creditors.



Solution

Advice in corporate aspects and in relation to the Securities Market Agency in order to complete the inaugural issue of the bonds. Coordination with the different sections involved in the operation, among others, placement entities, agent bank, company auditors, bondholder representatives and legal advisors of the bank union. Review and negotiation of the different documents related to the inaugural issue (corporate authorisations for the issue, bond prospectus, terms and conditions of the issue, contracts with the bank union, offer advertising, submission to investors, legal advices etc).



Benefit

The inaugural issue was completed and the industrial company was able to obtain a total of 300 million Euros and the opening of new sources of alternative financing to that of the bank. Furthermore, the issue of the bonds allowed the company to cover their financing necessities for an estimated period of 18 months. Size of the Operation: 300 million Euros. [Operation executed by a lawyer from the office prior to his shift to RHGR Ontier].

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