OREANDA-NEWS. MARF has admitted to trading two simultaneous bond issues by Grupo Pikolin - under the formula known as Dual Tranche - the first with maturity of seven years, for a volume of €10 million and a 4.5% coupon and the second, for €20 million, maturity of 10 years and 5% coupon. The issues have been distributed through a private placement and were acquired by qualified, long-term investors.

N + 1 has led the structuring and coordination of the bond placement and is acting as a Registered Adviser in MARF. J&A Garrigues has acted as the company’s legal adviser and Axesor has assigned a BB rating to the bonds, with a stable outlook.

With these issues Grupo Pikolin becomes the first limited liability company to take advantage of the changes that have taken place in the Capital Companies Act, following the publication of Law 5/2015 for the Promotion of Corporate Financing, which allows the issuing of debt instruments by these companies up to twice their equity. Pikolin has over €240 million euros in equity.

Grupo Pikolin was founded in 1948 and began operations under this trademark with a staff of seven employees, who specialised in manufacturing beds and metal mattresses, in Zaragoza. The company’s turnover in 2014 was €352 million euros in 2014 and €99.22 million in the first quarter of 2015. It is the second largest European group in its sector and a leader in Spain and France. Pikolin operates eight production plants in Europe (five in France and three in Spain), two in Southeast Asia (Vietnam and China) and its staff is made up of over 2,000 employees.