Arquimea issues debt to finance its growth

✦ Meridian Analysis

Arquimea has signed a bond programme on the Mercado Alternativo de Renta Fija (Marf) that can raise up to €100 million, with the first tranche targeting €40 million and a four‑year maturity. The issuer, a Spanish defence‑equipment manufacturer, is using the proceeds to fund growth, particularly in research and development, production capacity and working capital needed to secure new contracts. The company has previously accessed the market, issuing €25 million in 2021 at a 4.625 % coupon with a BB credit rating, and it now seeks to raise additional debt without bringing in new equity partners. The mechanics of the deal involve a standard bond issuance, with the bondholders providing the debt financing and Arquimea retaining full ownership and control of its operations. Arquimea’s order book has surged to roughly €1.2 billion from €200 million in 2025, with half of the demand coming from the United States and the other half from the Spanish Ministry of Defence and other overseas customers. The company projects a 35 % increase in revenue to €155 million and a 25 % rise in EBITDA to €31 million this year, and it is evaluating opening more factories in Spain beyond Madrid and the Canary Islands. What remains undisclosed are the final coupon rate, the exact pricing of the bonds, and whether the programme will be fully subscribed. Analysts will also watch for the timing of the first issuance, the allocation of proceeds, and any subsequent refinancing or additional tranches that Arquimea may pursue as it scales its defence operations.

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