Sacyr announced last week the success of its accelerated capital increase operation for an amount of €36.297 million (representing 7.79% of capital) with a 100% subscription. It also successfully registered the issue of convertible bonds for an amount of €250 million.
Through these operations, and once its balance sheet consolidation phase is complete, Sacyr's objective is to obtain additional funds for investment and to boost the development of its principal lines of business, mainly infrastructure concessions and industrial construction, both of which are prioritised within its international expansion strategy.
For Manuel Manrique, Sacyr's President and Managing Director:
"These operations strengthen our overall competitive capacity in the market, especially that of Sacyr Concesiones y Sacyr Industrial, and demonstrate that the group's plans for development, based on our technical experience, are supported by the financial markets".
In the accelerated private placement of new shares, requests from has exceeded 1.4 times. It is forecast that the new shares arising from this capital increase will be traded on the continuous market in the coming days.
The placement of bonds convertible into shares among qualified investors closed for a total of €250 million, through the issue of 2,500 bonds of 100,000 euros, each with a maturity date of 8 May 2019.
The bonds will accrue a quarterly payable fixed annual interest of 4% of the annual nominal value and the initial conversion price of the bonds is 5.725 euros for each company share, representing a premium of 25% on the weighted average of the listed price of said shares due to their stock exchange trading volume, from the moment when the operation is announced up to the moment when the price is set. The bonds will be subscribed and disbursed on the closure date, which is set to be no later than 8 May 2014.