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Abengoa fills conditions in bid to amend 6.25% convertibles due 2019
By Susanna Moon
Chicago, Nov. 13 – Abengoa, SA said that it satisfied the conditions in the bid to amend its €400 million of 6.25% senior convertible notes due 2019.
Abengoa notified holders that it entered into the deeds of guarantee and that it registered in the Commercial Registry of Seville the public deeds of amendment of the terms and conditions of the notes granted on Nov. 4, according to a company notice.
The company said on Oct. 29 that it received the requested consents to amend its €400 million of 6.25% senior convertible notes due 2019 and $279 million of 5.125% exchangeable notes due 2017.
However it did not receive the necessary consents for the €250 million of 4.5% senior convertible notes due 2017 and will seek approval to make the changes at a second meeting, according to a previous company notice.
As announced on Sept. 29, consent instructions had to be delivered by 9 a.m. ET on Oct. 26. Meetings will be held at 3 a.m. ET on Oct. 29 for the 4.5% notes, at 3:30 a.m. ET on Oct. 29 for the 6.25% notes and at 4 a.m. ET on Oct. 29 for the 5.125% notes.
Holders of the 5.125% exchangeables and 6.25% convertibles passed the proposals.
However the changes only became effective after the registration condition was satisfied and the company entered into the deeds of guarantee.
The meeting for the 4.5% convertibles did not achieve the required quorum of two-thirds of the principal amount of the notes. Abengoa said a second meeting will be convened at 3 a.m. ET on Nov. 30.
As previously reported, the company is seeking to amend the note indentures in order to give the convertibles the same level of guarantees as the company’s high-yield notes.
Lucid Issuer Services Ltd. (44 20 7704 0880 or abengoa@lucid-is.com) is the tabulation agent.
Seville, Spain-based Abengoa is an industrial and technology group.
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