On 31 April, 2010, Abengoa, S.A. completed the issue of €500 million of 8.50% notes due 2016 in what constituted its fourth money raising in the international capital markets in less than ten months. Over that period of time, Abengoa has raised, in the aggregate, €1.25 billion in four separate issues becoming one of the most active and successful Spanish corporates in tapping the international capital markets. Linklaters advised Abengoa in all such issues as to Spanish and English law.
Abengoa is a Spanish technology company present in more than 70 countries worldwide that operates in the solar energy, bioenergy, environmental services, information technology and industrial engineering and constructions sectors. Abengoa is a public listed company traded on the Spanish Stock Exchanges, the shares of which are included in the IBEX 35 index of leading Spanish companies.
Abengoa first accessed the international capital markets in July 2009, by issuing €200 million of senior unsecured convertible bonds due 2014, which constituted the first international convertible bond issued by a Spanish non-financial corporate in almost two years and the first one to comply with changes then recently introduced in Spanish company law dealing with the waiver of pre-emption rights. In addition, in December 2009 Abengoa issued €300 million of notes due 2015 and, shortly thereafter, €250 million of senior unsecured convertible notes due 2017.
Linklaters, through its Madrid and London offices, has acted for Abengoa on all these four transactions, advising on both English and Spanish legal issues evidencing its market-leading expertise in both the Spanish and international equity-linked and debt capital markets.
Linklaters’ Madrid team has been led by partners Conrado Tenaglia and Iñigo Berricano and has also included Javier García Pita, Ramon Ruiz de la Torre, Paloma Fierro, Jorge Alegre, María Cortizas, Juan María Lamo, Javier Zurita, Pablo Medina, Pablo Mon and José Manuel Serrano (Spanish law), as well as Federico Briano, Julia de Paula, Rachel Bala, Sagar Kothari, Vanessa Quarrie, Yiannis Kyriakides and Leon Hurd (English law).
Linklaters’ London team has included Keith Thomson, Alexander Naidenov, Piers Summerfield, Megan Guilford, Manoj Tulsiani, Ross Clements and Maria Datsopoulos.
Linklaters’ Paris team has been lead by Luis Roth.
Linklaters finance partner in Madrid, Conrado Tenaglia, commented:
“Abengoa is as key player in a number of industries and geographies and one of the most dynamic Spanish companies these days. We are very pleased to have helped them with their first ever capital market transactions. Our combined Spanish and international expertise and our strong credentials in both the equity-linked and debt markets helped us deliver timely and value-adding advice which we believe were critical for the success of the capital market money raising exercise”.
For further information contact:
Diego Recondo on (+34) 91 399 60 61 / diego.recondo@linklaters.com or
Sarah Peters +44 20 7456 2153 / sarah.peters@linklaters.com
