GAM registers sustainability-linked commercial paper program for up to €50 million on MARF

Cuatrecasas has advised General de Alquiler de Maquinaria, S.A. (GAM) on registering a commercial paper program with the Spanish Alternative Fixed-Income Market (MARF), for a maximum outstanding balance of €50 million.

The notes issued under the program will be sustainability-linked, according to the second-party opinion issued by G-Advisory on January 22, 2024, in relation to this program. They will be linked to the achievement of sustainability performance targets (SPTs) associated with two key performance indicators contained in the incorporation document, which was registered with MARF on January 31.

The company will use the financing obtained for new investments and acquisitions, as well as to fund new projects, take on new market opportunities in the future and ensure continued progress with its expansion plan. All of this is in line with the SPTs that GAM has marked out. This transaction will allow the company to diversify its sources of financing, increase working capital, reduce financing costs and strengthen its growth potential.

The Cuatrecasas team advising on this process was led by Finance partner Miguel Cruz, with the support of lawyers Gonzalo Terceño and Alejandra Azinovic.