About Grupo Jorge

  • Grupo Jorge is a Spanish based company with more than 80 years of history producing and selling pork meat products worldwide
  • The Group owns several renewable energy plants through its energy division, Jorge Energy, currently with over 70 MW of wind energy and 40 MW of Solar PV projects
  • Desagri is a Solar PV plant which began operation in December 2012. Located in Zaragoza, it has an installed capacity of 9.9MW and a regulatory life of 30 years

Transaction objective

  • Mirabaud was tasked with attracting financiers from institutional investors for the refinancing of the Desagri power plant
  • The objective was ultimately to refinance Desagri’s power plant with new money, allowing shareholders to make a fund distribution to the HoldCo. in order to facilitate the funding of new power projects
  • Grupo Jorge closed the issuance of this first Project Bond for an amount of €20m. The bond was issued for a period of 22 years having a fixed coupon of 3.7%
  • Listed in Freiverkehr (the non-regulated Frankfort Stock Exchange market), the transaction was executed with international private investors in a timeframe of just one and a half months

Mirabaud contribution and added value

  • The way in which Mirabaud structured the transaction allowed Grupo Jorge to refinance Desagri on very attractive terms, taking advantage of the good timing in debt markets
  • Project Bonds offer higher flexibility in financing terms and conditions, allowing longer financing periods (>20 years), a higher degree of leverage, recurring generation of cash for shareholders, and a diversified investor base. This, in turn, facilitated the entrance of institutional investors in the capital structure of the Company
  • This transaction reinforces Mirabaud’s status as the advisor of choice in the issue of Project Bonds with institutional investors

Spain

Enrique Aguado

Head of Corporate Finance & Capital Markets


MIRABAUD SECURITIES LIMITED, SUCURSAL EN ESPAÑA
Paseo de la Castellana 21
2ª Planta
28046 Madrid
T +34 91 793 78 20

Enviar un mensaje

Grupo Jorge official website

Visit website

“We are very happy to have assisted Grupo Jorge in refinancing part of its assets through a Project Bond under very good conditions. In addition, generating the ability to benefit from significant cash out through a dividend payment. Project bonds are a very interesting financing tool and thanks to our extensive experience with a broad range of clients, we have a high level of expertise in this area.”

Enrique Aguado Valderrama
Head of Corporate Finance & Capital Markets Spain

Key data

Project Bond issue on Frankfort Stock Exchange (Freiverkehr)

IssuerDesarrollos Agronómicos Industriales 1, S.L. (Grupo Jorge’s subsidiary)
SectorEnergy – Solar PV
MarketFrankfort Stock Exchange – Non-regulated Market (Freiverkehr)
Transaction typeProject Bond - Brownfield
Size€ 20.000.000
Coupon3.71%
Tenor22 years
Mirabaud RoleSole Bookrunner