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CMS advises Banco Santander and Ahorro Corporación Financiera on Grupo Ortiz’s tender offer and on its bond issuance on the MARF.

Deal Alert | July 2018

CMS has advised Banco Santander and Ahorro Corporación Financiera as dealer managers on the tender offer made by Grupo Ortiz. Furthermore, it has advised them as placement entities on the issuance of bonds by Grupo Ortiz on the Alternative Fixed-Income Market (MARF) for amounts of c. 26 million and 50 million euros, respectively.

The operation consisted in launching the tender offer for the repurchase of bonds that the company issued in 2014 with a 7% coupon and maturity in July 2019 as well as the issuing and placement of bonds for an amount of 50 million euros on the MARF with a 5.25% coupon and maturity in October 2023.

With this transaction, the company reduces the interest rate of its financing on the market and lengthens its term.

Banco Santander has acted as overall coordinator of this new issuance. Banco Santander and Ahorro Corporación Financiera have acted as placement entities and Banco Sabadell has acted as co-lead manager. CMS Albiñana & Suaréz de Lezo has acted as legal advisor for the coordinator and the placement entities.

María Guinot, partner CMS, Íñigo Hernáez, senior associate CMS, and Celso Méndez, associate CMS, led the operation.

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