The MARF has admitted the first issuance of mandatory convertible bonds in the history of this BME Fixed Income market. The pioneering operation has been led by Ecoener and its amount is 15 million euros. With this issuance, the company, which has been listed on the Spanish Stock Exchange since 2021, aims to strengthen its financial structure and support the execution of its growth plan.
The issuance has been subscribed by family offices that will become part of the shareholding of Ecoener in August 2029, when the bonds convert into ordinary shares of the company, which helps to reinforce the equity and financial solidity of the company.
Banca March has acted as global coordinator and sole placement agent of the operation, and will also be the registered advisor and payment agent for the issuance. The law firm Latham & Watkins has acted as legal advisor for the issuer, while Roca Junyent has advised the placement agent.
Ecoener is a Spanish company specialised in the development, construction, and operation of renewable energy with 815 MW among operational and under-construction assets and more than 37 years of experience in the sector. The company dominates four technologies: wind, photovoltaic, hydroelectric, and storage.
Through a statement regarding the operation, BME has indicated that this type of instrument demonstrates "the versatility that BME's Fixed Income markets offer to issuers, who have flexible alternatives of all kinds according to their needs and growth plans".
The MARF has 160 issuing companies both national and international, and the outstanding balance of this market has grown to 10.488 million euros as of the end of June, 6.2% more than in the same period of the previous year.