The National Securities Market Commission (CNMV) has positively verified from the point of view of its admission to trading both the capital increase and Abengoa’s warrants so that the new instruments will take effect as of tomorrow.
In a note sent to the market supervisor, the company explains that Class A and Class B shares issued as part of the expansion have already received verification from the supervisor for admission to trading on the Madrid and Barcelona Stock Exchanges.
The extension, already approved by Abengoa’s shareholders’ meeting, contemplates an increase in the number of shares by a nominal amount of 34.8 million euros through the issuance and circulation of 1,577 million new class A shares and 16,316 million Class B shares
Regarding warrants, the supervisor has also validated the requirements for the admission to trading of these instruments in the AQS block market, within the ‘Warrants, Certificates and Other Products’ segment, on the Madrid and Barcelona Stock Exchanges.
In total, 83 million instruments of this type have been issued on A shares and another 858 million on type B shares. Admission to trading of the warrants will take place in the coming days.
The execution of the capital increase and the issuance of the warrants takes place after the so-called ‘agent scrow’ successfully met the 1,169 million euros of ‘new money’ that will be injected into society and that will make it possible to complete the financial restructuring of the company.
According to the rescue agreement with the creditor banks and the funds for the restructuring of its financial debt and its recapitalization, the group would receive an injection of ‘new money’ of almost 655 million euros.
The total amount of the ‘new money’ that was agreed to lend to the group amounts to 1,169 million euros, although this amount includes the refinanced amounts of the loans received by the group in September and December 2015 and in March 2016 – some 515 millions of euros- more info.
In addition, 307 million euros of new lines of guarantees were included. The financing entities that contribute it will be entitled to receive 5% of the new share capital of Abengoa. Of this amount, about 50 million will be to bid for new projects and the rest to advance those that are already underway.
The agreement supposed for the creditors to accept a reduction of 97%, maintaining the remaining 3% with a maturity of 10 years, without annual accrual of interest and without the possibility of capitalization.
The distribution of the capital of the new Abengoa will be around 50% for the bondholders and ‘hedge funds’ and approximately 40% for the creditor banks. In addition, another 5% will be in the hands of the guarantors.
The committee of banks that participated in the negotiations for the restructuring was composed of Bankia, Banco Popular, Banco Santander, Caixabank and Credit Agricole, while the group of new money investors was composed of Abrams Capital, The Baupost Group, Canyon Partners, The DE Shaw Group, Elliott Management, Oaktree, and Värde.