Oct 7, 2013 - Spanish firm Abengoa (MCE:ABG) on Friday said it was seeking to pocket about EUR 385 million (USD 522m) from an offering of American depository receipts (ADRs), which will trade on Nasdaq.
The renewables and engineering company intends to place 182.5 million ADRs, with each ADR worth five Class B shares traded in Spain, according to a filing with the US Securities and Exchange Commission.
Abengoa expects to raise about EUR 443 million from the transaction, assuming that the underwriters exercise in full their option to buy 27.4 million Class B shares to cover over-allotments. The funds will go to pay down corporate debt maturities, enhance the company’s balance sheet and improve capital structure, the Spanish firm said.
Citigroup Inc (NYSE:C), HSBC Holdings Plc (LON:HSBA), Banco Santander SA (MCE:SAN), Bank of America Corp (NYSE:BAC), Cannacord Genuity Group Inc and Societe General SA (EPA:GLE) have been mandated to act as underwriters of the transaction.
The ADRs will be traded on the Nasdaq stock exchange's Global Select Market under the "ABGB" ticker symbol.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.