Fomento de Construcciones forces conversion of €33 million 6.5% notes

By Susanna Moon

Chicago, Oct. 7 – Fomento de Construcciones y Contratas, SA issued a conversion notice for its €32.75 million of outstanding 6.5% unsecured convertible notes due 2020.

The issuer conversion settlement period when the notes will be converted and common shares of FCC delivered to the converting noteholders will run from Oct. 26 until Oct. 31, according to a company update.

The conversion price is €21.50.

The company’s stock closed at €8.474 on Oct. 6.

In order to receive the shares, noteholders must send an issuer conversion settlement notice before the issuer conversion settlement notice cut-off date of Oct. 21.

For a copy of the form, e-mail Convtran@bnymellon.com.

As announced July 1, the notes were putable at par plus accrued interest until Aug. 29 for redemption on Sept. 12.

Holders had put €413.8 million of the notes, which were canceled on Sept. 12, and opted to convert €3.25 million of the notes, which were canceled on Sept. 29.

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

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 were convertible until July 15.

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

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