Depuis 1990, Mirabaud offre un large éventail de services de conseil et de courtage à un nombre croissant d'entreprises publiques et privées. Ses services comprennent le conseil, la recherche action, des services d’exécution, une expertise en marchés des capitaux ainsi que du courtage institutionnel.
Cernaval Group is one of the main Spanish and European shipyards specialising in repairing and maintenance of mid and large scale ships with more than 30 years of experience.
The group operates through two concessions, located in the ports of Algeciras (World Top 20 and European Top 5 by traffic volume) and Málaga.
In 2018, Cernaval was granted a new concession for 30 years by the Algeciras Port Authority located next to its current concession.
The new concession would allow the group to install a floating dock while leaving space to carry out afloat repairing to additional ships at 4 berths (1km of quays) (current concession structure 1 dry dock + 1 berth). This would allow them to increase the carrying capacity and provide services to larger boats, conducting dry reparations, afloat or a combination of both.
This would be a transformational project for Cernaval, positioning the Company as the reference repairing and maintenance centre in the Asia-Europe route that goes through the Strait of Gibraltar.
The plan was to raise the required financing in just a three month period for a total amount of €31m to, jointly with the current shareholders equity contribution, conduct:
Mirabaud contacted more than 20 potential reference investors (both national and international) including banks, as well as direct lending investors.
The transaction was structured as a long term Project Finance + Corporate Debt as it is a concessional asset affected by demand risk, complying with three targets:
We are extremely proud of having supported our client in acquiring the financing required to support the Company’s expansion. We were able to structure and conduct a competitive process between specialised debt funds and financial entities, achieving a financing agreement under very attractive conditions for our client.
Design of the transaction structure (hybrid between Project Finance and Corporate Debt) allowing Cernaval to raise financing over 5.0x 2018 EBITDA at a very competitive cost.
Comprehensive advisory during all the process being able to design and execute the financing on a successful manner in just three months period.
Contact and negotiation with each of the identified potential investors, creating a competitive process that maximized the financing conditions (in both terms of costs and guarantees).
Assistance in the selection of the most adequate proposal that fitted best with the future cash generation and the investment calendar and requirements.
Advisory and coordination of the closing between Cernaval and the selected financing entity, including the advisors due diligence and the financing and guarantees contracts.
|Company||Cernaval (shipyard specialised in the repairing and maintenance of ships)|
|Transaction type||Project Finance + Corporate Debt|
|Financing||€ 31,000,000 ( >5.0x NFD/2018 EBITDA)|
|Term||7 years (target balance) / 14 years (contractual life)|
|Amortisation||Increasing semi-annual repayments in the initial years with a balloon (c.40%)|
|Mirabaud Role||Structurer and Financial Advisor|
Head of Corporate Finance & Capital Markets