MADRID (Reuters) – The construction company OHL on Monday announced accelerated sales of another package significant Abertis, a transaction that will allow it to continue reducing and simplifying its debt profile, but they will let you out of the council of the Catalan.
In a statement to the supervisor of stock, the company controlled by Grupo Villar Mir, said it instructed UBS, Merrill Lynch and JP Morgan placement among institutional investors of almost 44 million of Abertis, a packet of 4,425 percent valued at market prices in more than 600 million euros.
One of the primary objectives of the operation will be cancel with a cumbersome credit of the type “margin loan” for an amount of 266 million euros, is secured with shares of Abertis and the banks underwriters are listed as creditors.
OHL reduced its participation in the construction of 2.5 per cent, a role he maintained in principle until 2018 despite not viewing it as strategic, said the company in an email sent to Reuters.
“(2.5%) Is a participation financed with a collar financing, without the risk of triggers (or clauses that trigger additional collateral as occurs in the ‘margin loan’). The base case would be to keep this participation to maturity of the funding in 2018,” he said.
The builder, which entered into a loss in the first half of the year, since it fell off at the end of June of 7% of Abertis, one-half of his participation then, to reduce debt and strengthen its business concessions.
At the end of June, the net debt of OHL reached 3.510 million, of which 836 million euros were with recourse to the company.
In a falling market, the shares of OHL closed on Monday with a rise of 4.7 per cent to 3,741 euros, while Abertis will be left a 0.5 percent to 13,790 euros.
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