Actividades de Construcción y Servicios, S.A. successfully completed new bond issue for EUR 405.6 million

Madrid, Spain, 14-3-2014 — /EuropaWire/ — The amount issued accounts for approximately 405.6 euro million, with an annual nominal coupon of 1.625% and a maturity of 5 years

  • The bond is exchangeable into Iberdrola shares, with an exchange price of € 6.419 per share, equivalent to an exchange premium of 32.5% 
  • High demand with oversubscription of almost 5 times the amount issued

Grupo ACS has successfully completed a new bond issue for a nominal amount of 405.6 Euro million, exchangeable for 63.19 million Iberdrola shares, which will act as collateral for the bonds.

The issue has a nominal annual coupon of 1.625%, payable quarterly, with a maturity of 5 years. The exchange price is 6.419 € per share, equivalent to an exchange premium of 32.5% compared to today’s volume weighted average price of Iberdrola from launch to pricing of the issue.

The bond issue allows the Group the possibility to sell another significant part of its current position in Iberdrola since ACS has the option to repay the bond principal with Iberdrola shares in any event, including the case of an early amortization or, if at maturity, the conversion price would not be reached.

This bond issue, the second one from ACS in the equity-linked bond market in six months (the previous one amounted for 721 euro million), provides greater access to international capital markets and helps to diversify its sources of financing.

The issue has been very successful among the international investment community, as shown by the total demand, which accounted for approximately Euro 1.9 billion, an oversubscription of almost five times the amount issued.



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