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Abengoa accepts €238.3 million of 6.25% convertibles for shares, cash
By Tali Rackner
Norfolk, Va., April 8 – Abengoa, SA announced the results of its conversion offer for its €400 million of 6.25% senior convertible notes due 2019, according to a 6-K filing with the Securities and Exchange Commission.
The company originally intended to accept up to €200 million of the notes. It accepted a total principal amount of €238.3 million (representing 59.6% of the total outstanding) to address noteholders’ interest.
The auction offer period ended at 11 a.m. ET on Wednesday.
Pursuant to the terms and conditions of the auction, Abengoa is expected to issue a total of 79,966,441 class B shares, representing roughly 10.6% of the class B shares.
As previously reported, holders who participated will receive a cash payment in addition to the regular number of class B shares into which the notes are convertible.
The cash amount will be made up of a fixed component and a variable component.
The cash amount will be known after the completion of the accelerated bookbuilding process of class B shares to be carried out by the dealer managers of the auction on behalf of noteholders outside of the United States in accordance with Regulation S.
Inversion Corporativa IC, SA will enter into stock lending arrangements with the dealer managers for up to 20 million class B shares in order to allow the equity placing.
The auction will terminate if the equity placing is not completed.
Settlement is expected on May 6.
Citigroup Global Markets Ltd. (+44 20 7986-0015) and HSBC Bank plc (+44 20 7991-5274) are the dealer managers.
Abengoa is a Seville, Spain-based conglomerate with operations in energy, telecommunications, transportation and the environment.
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