The real estate developer Culmia has launched a commercial paper issuance program for a maximum amount of 50 million euros on the Alternative Fixed Income Market (MARF), as the company communicated this Friday.
With this initiative, the company adds a new instrument to obtain financing in the capital markets and expands its avenues for accessing liquidity through flexible commercial paper issuances, tailored to both its corporate needs and market conditions.
Culmia has emphasized that this tool "complements its traditional banking lines, while reinforcing the diversification of its funding sources."
Maturity terms and solvency rating
The commercial papers to be placed under this program will have maturities initially ranging between three and 24 months. As part of the registration on MARF, the company has a solvency report issued by the rating agency EthiFinance.
As the developer has highlighted, "the incorporation of this instrument represents a significant advance in Culmia's financial strategy and opens an additional avenue for engagement with institutional investors," while also integrating into the design of a financial structure aligned with its activity and its positioning as a residential real estate platform.
Culmia's Chief Financial Officer, Juan Carlos Urbano, has stated that "this program allows them to incorporate an additional source of liquidity and advance in the diversification of their financing alternatives." "This is a step consistent with Culmia's evolution and with our objective of continuing to strengthen the company's financial structure," he added.
The company has also specified that Banca March acts as Registered Advisor and placing entity for the program, along with Kutxabank, while the law firm Cuatrecasas has provided legal advice on the transaction.