• Banco Santander and EBN Banco act as co-lead banks for this syndicated loan, which also includes participation from the Instituto de Crédito Oficial (ICO). 
• The operation is covered under Cesce's Strategic Investments Policy and includes legal advice from Deloitte and Watson Farley & Williams. 
• The funds will be allocated to PLD Space's MIURA 5 space launcher programme, as well as to the expansion of the company's industrial capabilities and corporate growth. 

Madrid, 12 July 2024.  

The Spanish space launcher company PLD Space has signed a €31.2 million syndicated loan with Banco Santander, EBN Banco and the Instituto de Crédito Oficial (ICO). The transaction is covered by Cesce's Strategic Investments Policy and with legal counsel from Deloitte and Watson Farley & Williams. 

This financing is earmarked for the MIURA 5 space launcher programme, encompassing both its technological development and the expansion of PLD Space's industrial capabilities, particularly the associated infrastructure. Additionally, it will support the company's corporate growth, which expects to conclude 2024 with 300 employees. PLD Space's goal is to conduct the first launch of MIURA 5 by the end of 2025 and begin commercial operations in 2026, with the aim of exceeding 30 launches annually by 2030 

Banco Santander and EBN Banco act as co-lead banks for this syndicated loan, which includes participation from the ICO. Additionally, EBN Banco serves as the agent bank and guarantee agent. The financing is underwritten by CESCE insurance, framed within its strategic investment insurance line dedicated to the aerospace sector.  

The transaction marks a significant milestone in Europe within a sector where bank financing is rare. This accomplishment furthermore highlights PLD Space's business model as highly market-focussed, demonstrating a substantial level of operational and financial maturity 

Ezequiel Sanchez, Executive President of PLD Space, said: "Securing the support of major banks like Banco Santander, EBN Banco and ICO, along with insurance from Cesce, is a significant achievement for us. This rare operation in the space launcher sector enables us to advance our plans while safeguarding our shareholders' investment.” 

The operation was signed at the headquarters of the Ministry of Economy, Trade and Enterprise and was presided over by the Secretary of State for Trade, Amparo López Senovilla, who accompanied the representatives of the entities involved in the financing project. 

López Senovilla stressed that "This operation, part of the PERTE Aerospace programme, demonstrates the Government's steadfast commitment to supporting the growth of Spanish companies. The MIURA 5 space launcher project benefits from this support, with Cesce providing coverage on behalf of the State". 

Itziar Letamendi, Global Head of Growth Debt of Banco Santander, said that "We are delighted to support this operation and contribute to the development of leading sectors such as aerospace. MIURA 5 project is evidence of the technological capabilities of Spanish companies and their capacity to compete in Europe and the world. Santander is proud to participate and support the success of this project". 

Rafael Gómez Perezagua, Chairman of EBN Banco, comments: "We are proud to be able to contribute to the development and internationalization of Spanish businesses, particularly in high-value sectors like aerospace. The MIURA 5 project, led with expertise by PLD Space, is both relevant and strategic. This aligns with our philosophy of tailored investment banking and collaboration with exceptional partners such as ICO, CESCE, and Banco Santander.” 

José Carlos García de Quevedo, Chairman of ICO, stressed that "The ICO Group's involvement in this loan demonstrates our commitment to promoting high-impact projects within the framework of the Recovery, Transformation, and Resilience Plan. In collaboration with the private sector, we aim to generate quality employment and drive the growth of Spanish companies.” 

Fernando Salazar, Chairman and CEO of Cesce, stated that “this operation, covered under the Strategic Investment Policy, is another example of the support we provide to companies in their internationalisation projects. We created this product to ensure the financing of companies that market Spanish products with a highly technological, digital and/or ecological component. The aim is to create a renewed "export offer" in the sectors of the economy of the future, or rather of the present. And the aerospace sector is clearly one of them.” 

About Banco Santander 

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees. 

About EBN Banco 

EBN Group, with more than 30 years of experience in the Spanish banking and financial market, carries out its activity through EBN Banco, the fund manager EBN Capital SGIIC and the securitization platform EBN Titulización.  

The Group is currently implementing its corporate strategy focused on business and investment banking through corporate financing, treasury and capital market activities, corporate debt issuance and equity transaction, asset securitization, mergers and acquisitions advisory (M&A), specialized financing and, on the other hand, through internet banking services for individuals with a wide range of products: fixed-term deposits, commercialization of investment funds and managed portfolios through its Investment Fund Supermarket. 

About Cesce 

Cesce heads a group of companies offering integrated trade credit management solutions and the issuance of surety insurance and guarantees in parts of Europe and Latin America. In its role as an Export Credit Agency (ECA) on behalf of the Spanish State, it manages export credit insurance and medium and long-term risk coverage for electro-intensive consumers, which it has been recognised by TXF, placing Cesce as the best valued ECA in the world in 2024. The company promotes the long-term growth of its more than 135,000 clients, providing them with smart solutions for commercial credit management that cover the entire business value chain – market prospecting, risk management and transfer, and access to financing – as well as surety solutions and guarantees to tackle new projects and businesses. After more than 50 years in the market, the company has proven to be a stable group and the most solvent of the main Spanish and European companies in the credit and surety insurance sector, with a solvency ratio of 258% at the close of the 2023 financial year. 

About ICO 

Instituto de Crédito Oficial (ICO) is a corporate state-owned entity attached to the Spanish government's Ministry of Economic Affairs, Trade and Business. ICO has become a point of reference in the financing of both SMEs and large-scale investment projects. ICO contributes to sustainable growth, promoting those economic activities that, due to their social, cultural, innovative or environmental significance, are worthy of promotion and development.