GAM registers €50 million sustainability-linked commercial paper program with MARF

Cuatrecasas has advised General de Alquiler de Maquinaria, S.A. (GAM) on the incorporation and registration of 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 20, 2023, in relation to the program. They will be linked to the achievement of sustainability performance targets (SPTs) associated with two key performance indicators, set in accordance with the incorporation document, which was registered with the MARF on February 2.

The funds raised will be used to make new investments and acquisitions, as well as to finance new projects, address the various market opportunities that may arise in the future, and continue to advance the company’s expansion plan, always in line with the SPTs set by GAM.

This transaction will allow GAM, among other things, to diversify its sources of financing and, at the same time, increase working capital, reduce financing costs and strengthen its growth potential. The Cuatrecasas team that provided legal support in the process was led by Finance partner Miguel Cruz, with the support of lawyers Gonzalo Terceño and Matías Serrano.