Inmobiliaria del Sur (Insur) has approved to launch a bond issue for up to 30 million euros through Insur Promoción Integral, the head of its promotional activity and fully owned by the company.
The developer has commissioned Bestinver to carry out this operation as global coordinator and that it would have the guarantee of Inmobiliaria del Sur, as reported to the National Securities Market Commission (CNMV).
The issue is rated 'BBB-' by Axesor and has a 5-year term. It would be denominated in euros, would be listed on the Alternative Fixed Income Market (MARF) and could be launched before December 31, 2021, subject to market conditions.
The target market for the issuance (MiFID II) would be only eligible and professional counterparties, in all distribution channels.
With this agreement, Insur launches one of the main actions contemplated in its Strategic Plan 2021/2025, recently approved, to promote the growth of promotional activity, while at the same time deepening the diversification of financing sources.
In this sense, it now adds to the MARF promissory note program that Insur has been registering annually and uninterruptedly since 2017 a new instrument for the financing of the group's activities.
