Saeta Yield, the division in which the builder ACS has grouped many of its renewable assets, has set Friday the price for its IPO on 16 February at 10.45 euros, valuing the company at 852 million euros.
The price is at the minimum price of the indicative price band going from 10.45 to 12.25 euros per share.
The initial offering consists of 41.6 million shares, 51 percent of the capital of Saeta, although it could be extended by about 4.1 million shares to 45.76 million securities (56.10 percent stake), whether banks wield called “greenshoe” , a section reserved in case of excess demand.
In addition, parallel ACS sold to Global Infrastructure Partners (GIP) between 17.8 and 19.09 million shares (between 21.8 and 24.4 percent of capital) of Saeta.
With the IPO and the greenshoe, ACS might enter some 478 million euros.
This amount disbursed the money will be added GIP for its block of shares.
At the end of the IPO and sale to GIP, ACS would get 24.4 percent of Saeta, although the exercise of the option of “greenshoe” could reduce this share to 22 percent.
ACS had already made official in mid-January that he would get his bag renewable energy division under the name Saeta Yield, comprising 19 renewable energy plants in Spain with 689 MW of installed capacity.
According to analysts consulted, the operation will help the construction chaired by Florentino Perez definitely kick your balance much debt (798 million euros) adhered to these renewable assets . For several years, ACS has remained classified for sale its renewable business, whose total debt of more than 2000 million computed on net liabilities of the group.
In the future, Saeta Yield could incorporate more energy assets held by ACS, over which it has a right of first refusal. In this portfolio include 13 active renewable energy generation totaling 554 MW and 400 kilometers of power lines in Peru.
The global coordinators of the operation are BofA Merrill Lynch, Citigroup and Societe Generale, Santander and HSBC in the role of ‘joint bookrunners’ and Key Capital Partners as financial advisor.
If the placement is successful, could have a positive impact on the price of rivals such as Acciona, which also intends to launch a highly profitable subsidiary in the United States along with the investment fund KKR.
THE YIELDCO OPEN AN ESCAPE ROUTE OF RENEWABLE
The Abengoa indebted was the first to point the way with placement on the Nasdaq last summer Abengoa Yield, attracting investors with the bait to distribute as dividends regulated revenues offering renewable energy assets.
Soon after, Acciona The company brunt of energy reform in Spain, reflected an agreement with the US private equity group KKR to relaunch its international energy business with a view to also put on the NYSE.
These operations coincide with a change in vision the renewables business in Spain after the regulatory uncertainty in the Spanish electricity sector reform, which introduced deep cuts in income to businesses and established a new framework for the remuneration of assets.
This is coupled with the stabilization of the Spanish economy after years of economic crises that have devalued assets from various sectors.
“The market is changing their perception towards renewable assets, which identifies Now as recurring revenue, sustainable and increasing dividends “
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