Cunext Group issues first commercial papers with MARF worth €50 million

The firm has advised Corporación Cunext Industries, a leading manufacturer headquartered in Andalusia, on registering its first commercial paper program with the Spanish Alternative Fixed-Income Market (MARF). Its debut in the fixed-income market gives the group access to qualified investors and enables it to place a commercial paper program with a maximum outstanding balance of up to €50 million and maturities of up to two years.

This transaction enables the Cordoba-based group—specialists in transforming copper and aluminum into semi-manufactured products such as conductors and wires—to move forward with its strategy to diversify its funding sources, with the possibility of issuing commercial papers on the MARF. Banco Santander acted as sole arranger and paying agent for the program, as well as being a collaborating entity together with Bestinver. PriceWaterhouseCoopers Asesores de Negocios participated as Cunext’s registered advisor with MARF.

The Cuatreasas team in the Bilbao office handling the project was led by partner José Ramón Berecibar with the collaboration of lawyers Santiago Bayo and Álvaro Pérez-Iriondo.