OREANDA-NEWS. TUBACEX renews its commercial paper programme on MARF.

To the value of €75 million

Tubacex has renewed its Commercial Paper Programme started on MARF in May 2014, which will allow the company to raise financing up to a maximum of €75 million.

The individual nominal amount of each issue under the programme will be €100,000 and the maximum maturity is up to 2 years.

This Commercial Paper Programme is coordinated by Banca March, which also acts as Registered Adviser and Sole Lead Arranger, who will distribute these securities among qualified investors. J&A Garrigues collaborates as Legal Advisor for the transaction.

Tubacex is the largest worldwide producer of seamless tubes in stainless steel and operates on the basis of integrated production: steel manufacturing, hot extrusion and cold-rolling of the tubes. In 2014 the company’s sales reached €546.7 million. EBITDA for the same period came in at €64.1 million and pre-tax profit was €32.6 million. The company’s European operations account for 56% of its total sales figure for 2014, Asia represents 25% and Canada and the US 14%. The Group has 2,250 employees in 17 countries.