The Alternative Fixed-Income Market (MARF) has admitted the first issue of mandatory convertible bonds in the history of this BME fixed-income market. The pioneering transaction has been led by Ecoener and amounts to €15 million. With this issue, the company, which has been listed on the Spanish stock exchange since 2021, aims to strengthen its financial structure and support the implementation of its growth plan.
The issue has been subscribed by family offices, which will become shareholders in Ecoener in August 2029, when the bonds are converted into ordinary shares of the company, thereby helping to bolster the company’s equity and financial strength.
Banca March has acted as global coordinator and sole placement agent for the transaction, and will also serve as the registered adviser and paying agent for the issue. The law firm Latham & Watkins has acted as legal adviserto the issuer, whilst Roca Junyent has advised the placement agent.
Ecoener is a Spanish company specialising in the development, construction and operation of renewable energy , with 815 MW of assets in operation and under construction, and over 37 years’ experience in the sector. The company specialises in four technologies: wind, solar, hydroelectric and energy storage.
In a statement issued in connection with the transaction, BME noted that this type of instrument demonstrates “the versatility offered by BME’s fixed-income markets to issuers, who have access to a wide range of flexible alternatives tailored to their needs and growth plans”.
The MARF has 160 issuing companies, both domestic and international, and the outstanding balance on this market had grown to €10.488 million at the end of June, 6.2 per cent higher than in the same period of the previous year.
