El Corte Inglés renews commercial paper program with MARF

Cuatrecasas has advised El Corte Inglés, S.A. on the renewal of its commercial paper program with the Spanish Alternative Fixed-Income Market (MARF), with a maximum outstanding balance of €1.2 billion. This will enable the company to continue issuing short-term loans with maturities of up to 24 months, diversifying its funding sources. This commercial paper program differs in that it is sustainability-linked in accordance with the Green Bond Principles (GBP) approved by the International Capital Market Association (ICMA).

PKF Attest Servicios Empresariales acted as the program’s registered advisor with MARF, with CaixaBank as the paying agent and Cuatrecasas as legal advisor. The program has six dealers: PKF Attest Capital Markets, Banco Sabadell, Banco Santander, BRED Banque Populaire, Norbolsa and CaixaBank.

The Cuatrecasas team advising on the transaction was led by partner Miguel Cruz, with the collaboration of Madrid office Corporate lawyers Nuria Burillo and Jerónimo Poza.