Abengoa announces pricing of its capital increase and launches NASDAQ listing

The company has also granted an option to the underwriters of the Offering (greenshoe) to purchase up to €67.5 million in additional shares over the next 30 days, meaning that the final amount of the capital increase cou

Abengoa (MCE: ABG.B/P SM / NASDAQ: ABGB), the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, has declared the price of its capital increase of class B shares totaling €450 million, initially announced on October 7.

The company has also granted an option to the underwriters of the Offering (greenshoe) to purchase up to €67.5 million in additional shares over the next 30 days, meaning that the final amount of the capital increase could reach €517.5 million.

Following an eight-day investor road show in which the management team met with more than 130 qualified investors, demand for the company’ shares easily exceeded the Offering which was oversubscribed.

The final price of the shares was €1.80 per share, which represents a discount to yesterday’s closing price of 10.89 %.

The class B shares and ADSs (American Depositary Shares) have been offered publicly in the United States pursuant to a registration statement filed with the Securities and Exchange Commission (the “SEC”), and globally. The ADSs have been approved for listing on the NASDAQ Global Select Market (subject to official notice of issuance) and are expected to be listed from October 17 under the symbol ABGB; the class B shares will be listed on the Madrid and Barcelona Stock Exchanges. The class B shares and the ADSs are fully interchangeable at a ratio of five class B shares for every ADS.

Manuel Sánchez Ortega, CEO of Abengoa, said, “We are extremely pleased with investors’ response to our capital increase on both sides of the Atlantic, as well as the start of Abengoa’s listing on the NASDAQ, which is undoubtedly an historic milestone for our company. This offering is part of our wider financial strategy to continue growing while reducing our debt”.

Citigroup and HSBC served as global coordinators of the Offering; Citigroup, HSBC, BofA Merrill Lynch and Banco Santander served as joint senior bookrunners; and Canaccord Genuity and Société Générale Corporate & Investment Banking served as joint junior bookrunners.

The company’s management team will participate in the “Opening Bell” ceremony at the NASDAQ MarketSite in New York on October 18, 2013.