Fomento de Construcciones halts forced conversion of 6.5% notes

New York, Oct. 24 – Fomento de Construcciones y Contratas, SA said that its forced conversion of its €32.75 million of 6.5% unsecured convertible notes due 2020 is on hold.

The company has been informed by the fiscal agent “of impediments that prevent the conversion process taking place as initially envisaged,” according to an announcement.

Fomento de Construcciones still intends to complete the conversion but has put it on hold until a later time.

The company announced the forced conversion on Oct. 7, saying there would be an issuer conversion settlement period running from Oct. 26 until Oct. 31.

The conversion price is €21.50. The company’s stock closed at €8.474 on Oct. 6.

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

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