Cuatrecasas, Gonçalves Pereira advises OCII (Grupo Sugal) on registering a program in the Alternative Fixed-Income Market (MARF)

October 22, 2015

OCII is the first foreign company to use MARF to finance itself and the second that has used the Fixed-Income Program's financing model
OCII is the first foreign company to use MARF to finance itself and the second that has used the Fixed-Income Program's financing model

The first foreign company to register a program in MARF, covering four jurisdictions

The Dutch company OC International Investments (OCII) registered a program for the ongoing issue of shares in the Alternative Fixed-Income Market (MARF), worth €80 million. Out of the total amount, OCII has already carried out the first issue of bonds worth €42 million.

OCII is the first foreign company to use MARF to finance itself and the second that has used the Fixed-Income Program's financing model. Through this program, the company can issue bonds at fixed interest rates that have a maturity of between three and eight years.

The program is the first to cover four jurisdictions: Holland (office of the issuing company), Portugal, Spain and Chile (offices of the surety companies). OCII is a subsidy of SOGEPOC, based in Portugal, and is part of grupo Sugal, specializing in manufacturing tomato concentrates.

Cuatrecasas, Gonçalves Pereira advised OCII on registering the Fixed-Income Program in MARF and on the program's first issue, in a transaction led by the Corporate and Commercial Practice. The legal team included partner Jaime de la Torre and associates Miguel Cruz and Tania Esteban. Spanish tax matters were managed by Andres Sánchez with help from Pablo Compte, and Portuguese legal matters were handled by Diogo Ortigão Ramos and Gonçalo Bastos Lopes with help from Marta Costa Martins and Marta Pereira da Silva.

Loyens & Loeff advised on Dutch legal matters and Carey y Cía Ltda on Chilean legislation. 

N+1 and ASK (Advisory Services Kapital – Portugal) structured and drafted the program and N+1 acted as underwriter for issues and as the register advisor in MARF. Axesor Ratings gave the issuing company a BBB rating with a stable outlook.

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