Abengoa to pay €60.5 million to settle cash amount in conversion offer

By Susanna Moon

Chicago, April 9 – Abengoa, SA will pay €60,449,108.23 to settle the cash amount in the 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 cash amount was set at €25,366.81 per €100,000 principal amount of notes.

Abengoa said on April 8 that it accepted €238.3 million principal amount, representing 59.6% of the total outstanding, to address noteholders’ interest. The company originally intended to accept up to €200 million of the notes.

The auction offer period ended at 11 a.m. ET on April 8.

Under the terms of the auction, Abengoa will issue a total of 79,966,441 class B shares, or about 10.6% of the class B shares.

As previously reported, holders will receive a cash payment in addition to the regular number of class B shares into which the notes are convertible.

The cash amount was made up of a fixed component and a variable component.

The cash amount was to be paid after the completion of the accelerated bookbuilding process of class B shares 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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