Aedas Issues €8M in Promissory Notes to Raise Financing

25 June 2018 – Eje Prime

Aedas Homes has launched the issuance of €8 million in promissory notes. The company has explained that the notes will be charged to the issuance program registered on the Alternative Fixed Income Market (Marf), according to a statement issued by the company to Spain’s National Securities and Exchange Commission (CNMV).

“The total volume of these issues amounts to €8 million, and subscription requests have been received from the market for a volume that is 3.7 times higher than the amount issued in the end”, said Aedas. The promissory notes will have a maturity period of one month and three months.

With this move, the property developer is seeking to diversify its financing channels. Last June, Aedas announced the launch of a “promissory note issuance program on the Marf with a maximum live balance of €75 million”.

The housebuilder, which made its debut on the stock market in October last year, closed 2017 with losses of €40.1 million, of which €31.55 million corresponded to non-recurring operations and expenses, which mostly related to its stock market debut.

Original story: Eje Prime

Translation: Carmel Drake