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SubscribeCuatrecasas has advised Ontime Corporate Union (“Ontime”) on registering a sustainability-linked bond program on the Spanish Alternative Fixed-Income Market (“MARF”) for the maximum amount of €100 million, and on the first issue under it.
Ontime’s fixed-income program—in which Banca March is the placing entity, paying agent, and registered adviser—complies with the sustainability-linked bond principles of the International Capital Market Association.
In 2025, the company's revenue amounted to €1.05 billion with an EBITDA of €103.6 million. Ontime went into this transaction backed by a BB credit rating with a stable outlook from rating agency EthiFinance Ratings. This highlights the logistics group’s strength and growth in recent years.
The advisory service was led by Jaime de la Torre and Álvaro Heras (Capital Markets and Finance). Jaime de la Torre commented on the transaction: “This transaction marks a very important milestone for Ontime. It represents a decisive step in diversifying its funding sources and strengthening its commitment to sustainability. It also highlights the strength of capital markets as a solid, flexible and increasingly relevant source of financing for Spanish companies undergoing national and international expansion.”
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