Acciona launches EUR 325m convertible bond issue

Jan 16, 2014 - Spanish infrastructure and renewable energy firm Acciona (MCE:ANA) is launching a five-year senior unsecured convertible bonds issue worth EUR 325 million (USD 443.2m), in line with efforts to extend debt maturity profile.

The debt instruments will bear a semi-annually payable fixed interest rate of between 2.25% and 3.00%, and the issue will have a EUR 75 million increase option, to be exercised between the launch and pricing, Acciona said in a statement today.

Moreover, joint bookrunners, namely HSBC (LON:HSBA), Credit Agricole (EPA:ACA), Societe Generale (EPA:GLE) and The Royal Bank of Scotland, will hold a further overallotment option worth EUR 50 million, bringing the combined potential amount of the issue to EUR 450 million.

The bonds are convertible into new and existing ordinary shares of the company at a premium seen at between 32.5% and 37.5% above the reference price.

(EUR 1.0 = USD 1.364)

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