The investment bank Arcano has been the global coordinator and underwriter of the operation, whose bonds will be listed on BME’s alternative fixed-income platform, MARF.
The bonds have a 5-year term, with a bullet maturity in March 2025 and an annual coupon of 5% payable every 6 months. The objectives of this issue are to boost the group’s expansion in Portugal, refinance the €55 million bond issue from 2015 – with a coupon of 6% -, and distribute a dividend amounting to €10 million. “There has been great demand for the issue from a diverse range of institutional investors including fixed-income funds, pension funds and family offices,” say sources at Arcano.
In 2019, the company had more than 175,000 bondholders on average, and generated total revenues of €47.7 million and an EBITDA of €17.1 million. It operates under the commercial brands Supera and Supera 24 and is one of the main municipal sports centre concessionaires in Spain and Portugal, where it owns or manages 48 sports centres in total, 32 of which are concessions.