Spain's Abengoa seeks approval to convert 6 7/8%, 4½% convertibles

By Toni Weeks

San Diego, Oct. 31 - Abengoa, SA announced it is seeking noteholder approval to amend the terms and conditions governing its €200 million of 6 7/8% senior unsecured convertible notes due 2014 and €250 million of 4½% senior unsecured convertible notes due 2017.

The company wants to amend the terms and conditions to enable the conversion of the notes into class B shares.

Noteholders meetings will be held on Dec. 3 in Madrid to approve the proposals.

According to a news release, the company will pay an attendance fee of €5 per €1,000 principal amount of notes to holders who are of record as of five days before the date of the applicable meeting. Noteholders may vote either in person or by proxy.

For the 6 7/8% notes, the conversion would mainly affect the conversion period, conversion price, procedure for exercising conversion rights, net share settlement and shareholders' put option following a triggering event.

For the 4½% notes, the conversions would mainly affect the shareholders' put option following a triggering event.

The solicitation agent is Deutsche Bank AG, London Branch (44 20 7547 6904 attention Jonathan Murray or jonathan.murray@db.com). The tabulation agent is Lucid Issuer Services Ltd. (44 0 20 7704 0880 or abengoa@lucid-is.com).

The Seville, Spain-based company has operations in the energy, telecommunications, transportation and environmental sectors.

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