- Banco Santander is one of the entities in charge of the debt placement
- Sacyr will use the proceeds of the issue to repurchase unsecured convertible senior bonds
Sacyr shares fall 9% on the stock market at the close of the session after launching a issue of bonds convertible into shares for an amount of 150 million euros Expandable up to 175 million euros and with a maturity of five years.
Specific, the titles of the construction company were left 8.93% in the Continuous Market, until it is exchanged at a price of 2.10 euros at intraday lows.
The firm will allocate all the net proceeds of the issuance to the buyback of senior convertible unsecured bonds for an amount of 250 million euros at 4% interest maturing on May 8.
The issue, aimed at qualified investors and with incomplete subscription forecastIt will be led by the British branch of Deutsche Bank and JP Morgan and Banco Santander will also participate in it.
The new bonds, with a unit nominal value of 100,000 euros, will accrue an annual fixed interest payable quarterly for expired periods, which is estimated to be between 3% and 3.75% annual nominal.
The demand prospecting process It will begin immediately after the announcement of the issue at the CNMV and is expected to be completed this Wednesday.