Abengoa announces exercise of greenshoe option
WASHINGTON, Oct. 22, 2013 /PRNewswire/ -- Abengoa (MCE: ABG.B/P SM / NASDAQ: ABGB) ("Abengoa"), the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, has announced today that the underwriters of the previously announced Offering of 250,000,000 Class B Shares (either in the form of shares or American Depositary Shares ("ADSs")) have exercised in full their over-allotment option to purchase an additional 37,500,000 Class B Shares from Abengoa.
Including the exercise of the over-allotment option, Abengoa's offering amounts to a total of 287,500,000 Class B shares, either in the form of Class B shares or ADSs, which represents a total capital increase of 517,500,000 euros.
The majority of the net proceeds from the Offering will be used to repay corporate debt maturities due in 2013 and 2014, further accelerating Abengoa's objective to strengthen its balance sheet, and enhance its credit rating profile. Moreover the company has communicated its plan to become corporate free cash flow positive by 2014 and does not face significant corporate refinancing needs until 2015.
Abengoa applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)
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