Fomento de Construcciones holders may put, convert 6.5% convertibles

By Susanna Moon

Chicago, July 1 – Fomento de Construcciones y Contratas, SA said holders may put or convert its €450 million of 6.5% unsecured convertible notes due 2020 as the result of a proposed buyout.

The notes are putable at par plus accrued interest until Aug. 29 for redemption on Sept. 12.

The put option was triggered by a mandatory public tender offer for the company by Control Empresarial de Capitales, SA de CV, according to a company notice.

Also, the conversion price was lowered to €19.647 per share from €21.50 per share.

The company’s stock price closed at €7.585 on June 29, the release noted.

The notes are convertible until July 15.

The issuer is a construction company based in Barcelona, Spain.

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