It seems Abengoa has reached an agreement with its main creditors who did not accept the plan (Liberty, Zurich and Exim US) to refinance its existing debt with a new bond issue under the same economic terms as the former senior debt but with a maturity date of six months earlier (up to March 2022).
SPANISH SMALL & MID CAPS
Spanish Duro Felguera, specialized in turnkey projects within the energy, mining & handling, oil & gas, smart control systems and defense and security sectors, signed a Memorandum of Understanding with Metco Engineering for energy efficiency and resilience projects in the US. The deal is valued over $200 M per year.
The share price of Spanish Tubos Reunidos, manufacturer of tubular steel, has accumulated declines of 40% since the auditor’s report from PWC, publised on March 13, said the following: “significant deviations in the key measures and hypothesis of the plan (…) point to a basic uncertainty which may create important doubts about the Group’s capacity for continuing to operate.”
Gestamp said on Tuesday it has bought a factory in Brazil which currently supplies bodywork components for the Japanese car manufacturer Toyota. The Spanish multinational flagged that this operation fits in with its goal of increasing its Japanese clients, who currently manufacture almost a third of global vehicles.
Amidst the market turbulence of the last few days, Metrovacesa returned to the stock exchange through the back door. Between the fact that its share offer was already somewhat jinked (after it was forced to reduce the price due to a lack of investor appetite) and that yesterday’s session was dominated by fear, the property firm’s shares fell 3% on their debut.
The price for Metrovacesa’s return to the stock market will be in the range of €18,0/€19,5 per share, implying an initial market capitalisation of between €2.730 billion and €2.957 billion.
Ebro Foods has announced the acquisition of 70% of Italian fresh pasta maker Bertagni (the current shareholders and management team will maintain the remaining 30%) for 130 million euros.
Property firm Metrovacesa, controlled by BBVA and Santander, has confirmed it will return to the stock market via an IPO of its shares amongst institutions.
Hotel chain Barceló has proposed a merger deal with NH Hoteles whereby it would own 60% of the new group. The tie-up of the two chains would create a sector leader in Spain and the third biggest hotel chain in Europe.
Abengoa posted net profit of 4,733 million euros in the nine months to September 2017, compared with losses of 5.413 billion a year earlier, due to the impact of the company’s financial restructuring on its balance sheet.