Grupo SAMPOL has registered a Commercial Paper Programme with BME’s Fixed Income Market (MARF according to its Spanish acronym) for an outstanding balance of 50 million euro.
The Commercial Paper Programme issued by SAMPOL will allow the company to continue extending and diversifying its short-term sources of finance.
Thanks to the Commercial Paper Programme issue and registration, SAMPOL will have access to new finance to help fund the national and international projects in which the Mallorcan group is engaged, boosting its current assets and extending the company’s financial capacity.
The group’s sharp drop in debt and its repayment schedule’s balanced distribution reinforce SAMPOL’s solid financial position and positive evolution. With these promissory notes, individual notes can be issued with a unit face value of 100,000 euro and maturity dates of between 3 days and 24 months.
Participating in the scheme were Ahorro Corporación Financiera in its capacity as a Registered Advisor and Placement Entity, Beka Finance as Placement Entity and Payments Agent, and Gómez-Acebo & Pombo as a Legal Consultant.
This second foray by Grupo SAMPOL into the Alternative Fixed-Income Market comes after the magnificent reception, in February 2019, of the issue of five-year bonds for a value of 25 million euros, whose first yearly coupon was recently paid on February 13th 2020.
Grupo SAMPOL has forged a well-established name as a main contractor for the whole engineering cycle, putting into operation, running and maintaining infrastructure, systems and telecommunications. It focuses particularly on the airport and hotel sectors and on power generation plants (mainly cogeneration and trigeneration). It also has a strong international presence, especially its Spanish-Caribbean operations, which accounted for 80% of its EBITDA in 2018 and where it will continue to invest as part of its 2019-2020 Strategic Plan.
As for the group’s creditworthiness, SAMPOL was given a BBB- (stable) credit rating by Axesor in December 2019, which highlights its high credit quality, thanks to a continued growth in profits, a two-digit EBITDA margin, and low level of debt.
In 2018, the multinational had a business turnover of over 175 million euro, with a figure of 94.9 million euro in the first semester of 2019. In December 2018, it had an EBITDA of 23.8 million euro and, in June 2019, an EBITDA of 12.6 million euro. Its net financial debt fell from 28.8 million euro in 2017 to -1.2 million euro in 2018.