Alantra advised ULMA on the issuance of a €100m Bond Programme with a 12 year tenor

Apr 2019

Debt financing

Value €100 million

Madrid – Alantra, an independent global investment banking and asset management firm, has acted as sole Coordinator and Bookrunner on the first issuance of a €100m Bond Programme for ULMA, a business group of 8 cooperatives based in Oñati (Spain).

With over 54 years of experience and more than 5,200 employees, ULMA Group is an industrial group which operates in 9sectors: Formwork and scaffolding, packaging machinery, oil & gas accessories, material handling, conveyor components, construction solutions, forklift trucks and greenhouses. The group reached €865m of sales in 2018, with 74% of sales generated in international markets (Europe, USA and LATAM).

This is the first bond issued for a Cooperative group of companies in Spain with the longest tenor obtained in a Senior Unsecured corporate bond (12 years). Also, it is the lowest coupon (2.25% fixed) issued for a non-rated company. The transaction has been fully subscribed by international insurance companies, with a buy & hold strategy. This is the 7th Bond Deal executed by Alantra in the Spanish market.