Madrid.- Abengoa announced Wednesday the agreement between the main creditors and funds inject money to avoid bankruptcy. The ransom amount to 169.6 million euros thousand. In the coming weeks, engineering seek the support of at least 75% of creditors to certify their salvation.
A support after more than a year seems inescapable. If it fails, the outcome will be the contest. Creditors will have to choose between the two proposals contemplates the restructuring plan: a debt reduction of 97% of its nominal value, remaining 3% with a maturity of 10 years and no annual accrual of interest; or capitalize 70% of loans in exchange for 40% stake in the new Abengoa, so that remaining 30% of the debt will be refinanced through new instruments that will replace the existing and have the status of senior or junior depending whether such creditors participate or not in tranches of money or new guarantees.
the instruments have a maturity of 66 months if he is a senior and 72 months if it is junior, with a possible extension of up to 24 additional months and the annual payment of interest 1.50% (0.25% and 1.25% cash capitalization or cash under certain conditions). The junior instrument could be the subject of subsequent reduction -never more than 80% of the rated-value in case of contingencies the amount refinanced old debt exceeds 2 billion 700 million.
With higher rank. of the thousand 169.6 million includes restructuring, 515 million related to refinancing of loans provided by banks and bondholders in recent months.
the new money will be almost 655 million , which includes, however, commissions and interest. The disbursement will be borne by 10 funds, among which some are bondholders signature presiding Antonio Fornieles: Abrams, The Baupost, Canyon, D. E. Shaw, Elliott, Oaktree and Värde. They have joined in the last month Hayfin, Centerbridge and KKR.
The funds shall hold about 50% stake in the new Abengoa. The exact distribution will not be known until the process is closed. They can still add more creditors.
The creditor banks will have just over 40%, to which 5% of the guarantors, and 5% to be held by the current shareholders, as InversiónCorporativa (IC) adds . However, they can increase their share in a percentage to agree not more than 5%.
The total redemption amount will be divided into three sections. The first amounts to 945.1 million with a maximum maturity of 47 months and will feature real guarantees on assets such as A3T project (third rail) in Mexico. In this section the refinancing of loans granted by banks in December, 106 million, and the bondholders, in March, 147 million and fees and interest included.
The funding agencies will right to receive 30% of the new capital of Abengoa. The second tranche sum 194.5 million with a maximum maturity of 48 months. In this case, this line will receive 15% of the new Abengoa.
The section III, meanwhile, consists of a line of credit that reaches a maximum of 30 million maturing 48 months that will have real guarantees on assets such as A3T and participation of Atlantica Yield. Credit Agricole will pay this loan. The agreement will be supported by new lines for an amount that eventually amounted to 307 million euros.
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