- Holders of 10-year notes, which were issued in 2016, can avail of this offer from today until December 9.
- The company’s initiative aims to proactively manage the group’s debt profile and afford noteholders liquidity.
MAPFRE today launched a cash buyback offer to holders of the Simple Obligations Issuance of MAPFRE S.A. 1-2016, the outstanding amount of which in circulation amounts to 1.0 billion euros. The group’s objective is to proactively manage its debt profile, which matures on May 19, 2026, as well as to provide liquidity to those noteholders who wish to avail of the offer. Specifically, MAPFRE intends to accept offers up to a maximum aggregate nominal amount of 400 million euros.
“We have a very comfortable debt ratio of 23%,” stated Fernando Mata, group chief financial officer and board director of MAPFRE. “What you are seeing here is a more active management of that debt, with the aim of improving the financing structure and reducing future costs for the group,” he added.
Holders may present their sale offers from today, December 1, until 3:00 p.m. on December 9, unless this deadline is extended, reopened, modified, withdrawn or terminated, at MAPFRE’s sole discretion. The securities repurchased by the Group will be amortized, while the rest will remain in circulation subject to the terms and conditions of said obligations.
The repurchase price will be expressed as a percentage and will be determined in line with the provisions set down in the Offer Memorandum, as explained in the document sent today to the Spanish National Securities Market Commission (CNMV). MAPFRE will on December 10 report the result of this repurchase process as well as the conditions of same, namely the aggregate nominal amount of the obligations accepted.