The shareholder platform AbengoaShares has reached an agreement with a group headed by the Mexican family Amodio, OHL’s main shareholder, and participated by EPI Holding Ultramar Energy, to present an offer for Abenewco1, whose parent, Abengoa, is in bankruptcy . The agreement of the minority shareholders and Grupo Caabsa and EPI Holding / Ultramar Energy is subject to the support of SEPI, from which 249 million euros were requested.
The offer consists of a contribution of 200 million euros, in addition to a line of guarantees of 50 million, reported this Thursday the AbengoaShares Shareholders’ Union in a statement. Grupo Caabsa and EPI Holding / Ultramar Energy would provide 135 million euros in direct financing to Abenewco1 and 50 million in guarantees, to which would be added a capital contribution of 50 million euros and a convertible bond for 15 million.
50% (25 million) of the capital contribution would be covered by all Abengoa shareholders through a capital increase, in which the class A, class B shares and the A and B warrants would generate preferential subscription rights over Abenewco1 titles, and the other half, by the industrial partner. The contribution would be made for 70% of the capital of Abenewco1, with which the current shareholders of Abengoa would have 35% of its capital stock at first.
The bond, convertible in two years through semi-annual windows, would be hedged 50% by the shareholders belonging to the AbengoaShares Syndicate and the industrial partner, respectively.
Furthermore, the partners undertake to keep Abenewco1 together, “avoiding the cutting to which the company is directed in case the offer of the Terramar Capital vulture fund bears fruit, and to keep the company in Seville, ensuring the maintenance of its intangible assets in Spain. “
The partners “have as a fundamental objective the maintenance of employment in all the companies of the Abengoa group, the refloating of the company and the listing on the Abenewco1 markets.”