Cuatrecasas has advised the Elecnor Group on the launch of a new multicurrency promissory note program on the Spanish Alternative Fixed-Income Market (MARF) of up to €300 million to fund its projects in engineering, infrastructure development and building, renewable energy and new technologies, in Spain and in international markets.

With this program, the company will be able to obtain funding in both euros and US dollars, with terms of up to 24 months, optimizing the costs of cash flow financing.

Cuatrecasas lawyers Miguel Cruz and Gonzalo Terceño advised Elecnor on the transaction. Banca March and Banco de Sabadell are the placement entities that will advise Elecnor and structure and distribute the issuances among qualified investors. Banca March also acted as a registered advisor for the MARF and as an agent bank.

The renewal of this program provides Elecnor with a funding source separate from traditional banking, thus diversifying its funding options. In addition, the company valued the flexibility provided by promissory notes, which are issued at lower costs than those associated with alternative short- and medium-term funding sources.