Sidecu closes €70m Spanish bond issue

Sports centre company Sidecu has closed a €70 million bond issue on the Spanish Alternative Fixed-Income Market (MARF).

Publicado Friday, March 20th 2020
Sidecu closes €70m Spanish bond issue

The issue makes the financing available to Sidecu with a five-year term, a bullet maturity in March 2025, and a 5% annual coupon payable semi-annually.

 

The financing will be largely used to refinance the 6 per cent coupon €55 million bond issue which the company launched on MARF in 2015, in addition to financing the issuer's general corporate needs.

 

Arcano Partners acted as global coordinator, with EBN Banco acting as placement entity. Garrigues and Cuatrecasas provided legal advice to the issuer and placement entities respectively.
 

The rating agency Axesor has assigned the issue a BB credit rating.

 

Sidecu, which was incorporated in 1993 and has been owned by private equity fund Portobello Capital since 2017, is the parent company of a group that focuses on the management, construction, development, operation and maintenance of municipal sports centres. It operates under the Supera and Supera 24h trademarks.

 

Sidecu is a major operator of concessions and leading municipal sports centres in Spain and Portugal, where it owns or manages 48 sports centres and facilities, of which 31 are municipal concessions.

 

In 2019 the company had, on average, more than 175,000 subscribers. Its revenues stood at €47.7 million, with EBITDA of €17.1 million.

 

Sidecu CEO Guillermo Druet said: “We are very satisfied with the bond issue. An operation that, despite the extraordinary market conditions, has been successfully completed and will allow Sidecu to continue with its market growth strategy once we overcome the current situation created by the COVID-19 virus outbreak.”