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Fomento de Construcciones barred from forced conversion of 6.5% notes
By Susanna Moon
Chicago, Nov. 23 – Fomento de Construcciones y Contratas, SA said it has been precluded from forcing conversion of its €32.75 million of 6.5% unsecured convertible notes due 2020.
The English Court of Appeal has dismissed the issuer’s appeal against the order issued by the English High Court last April 2015, and decision is now final, according to a company update.
Noteholders now may demand accelerated repayment of their notes on an individual basis, the company said.
The company had said on Oct. 24 that its forced conversion of its 6.5% notes due 2020 was on hold due to “impediments that prevent the conversion process taking place as initially envisaged.”
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 was €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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