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The Mercado Alternativo de Renta Fija (MARF) has admitted to trading a securitisation commercial paper programme by IM Fortia 1 - a Securitisation Fund constituted by Intermoney Titulización, Securitisation Funds Manager. The maximum outstanding amount of the programme is €400 million.
By issuing this commercial paper, the Fund will finance the credit rights derived from Fortia Energía’s acquisition and distribution of electricity in the wholesale electricity market for the companies with which it deals, while at the same time will improve its billing periods, extending the payments cycle, and therefore, providing its customers with short-term financing.
The commercial paper to be issued will carry a certificate of liquidity provided by CESCE. It will be rated by Standard & Poor's with an A2 rating, short-term rating, awarded to issues with maturity of less than twelve months, or BBB for those issues with maturity of over one year.
Banca March acts as Sole Lead-Arranger of the program and will distribute among institutional investors the issues launched under the programme. This firm also participates as payment agent for the commercial papers and as Registered Adviser in MARF. J&A Garrigues has legally advised the Manager on the creation of the Fund and the setup of the programme.
Fortia Energía was established in 2007 and currently has 17 partners/clients: ArcelorMittal España, Alcoa España, Aleastur, Asturiana de Zinc, Atlantic Cooper, Carburos del Cinca, Grupo Alfonso Gallardo, S.E. de Carburos Metálicos, Celsa, Cementos Cosmos, Cementos Lemona, Portland Valderrivas, Cemex España, Holcim España, Lafarge Cementos, Megasa Siderúrgica, Praxair and Sociedad Financiera y Minera. They manage 71 factories located throughout the Spanish geography, directly employ 40,000 people, generate sales of around €15,000 million and represent nearly 12% of Spain’s industrial electricity consumption.
In 2014 Fortia ranked fifth in the the Iberian Electricity Market (MIBEL) and first among independent distributors, with a total amount distributed of 10,632.6GWh and sales of €564 million.
