Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Mirabaud advised Quabit Inmobiliaria, in the first High Yield Corporate Bond issued by a Real Estate developer. Mirabaud acted as Structurer and Joint Bookrunner for the transaction.
We are extremely proud of having structured and placed such an innovative high yield bond under very attractive conditions for our client, Quabit. Market financing cost for land acquisitions when we closed the transaction was around 15%-18% for mid-market companies, and our bond had a coupon of 8.25%, less than half. We are specialists in designing bespoke financing solutions for our clients even under complex market conditions.
|Issuer||Quabit Finance, S.A. (100% subsidiary of Quabit Inmobiliaria, S.A.)|
|Type of issue||High Yield Corporate Bond|
|Use of funds||Acquisition, development and promotion of land|
|Governing law||Spanish law|
|Incurrence Covenants||Loan to Value and Net Financial Debt(1) / EBITDA|
|Coupon||8.25% - 99% par|
|Maturity||4 years (100% bullet)|
|Market||Frankfurt Stock Exchange - Non regulated Market (Freiverkehr)|
|Mirabaud Role||Structurer and Joint Bookrunner (in addition to other value added services such as Private Placement and Settlement Bank)|