Sacyr started an offer incentive buyback to owners of some shares convertible bonds Issued for some amount in April 2019 175 million eurosFor the purpose of, among other purposes, continuing to reduce its net debt through recourse, as reported to the National Securities Exchange Commission.
Company sources disclosed European Press purpose of this operation Reducing the volatility experienced by stocks in the stock market The infrastructure company associated with such instruments where owners take a short position to cover risks. Currently bearish positions of more than 0.5% of capital have been reported to the Spanish regulator Total of 3.35% shortsWith funds such as GLG, LMR, Squarepoint, Syquant or Sona.
Bond repurchase offer, It will be open from this Monday until next November 9th The change, which will be made at 5:30 a.m., will also allow this convertible to bring forward its expiration date, which is currently set for April 2024.
Sacyr You can choose to pay in stock, cash or a combination of bothThose who accept the offer will be given up to 35 million treasury shares with a market value of around 98 million euros. The company will provide incentives to bond holders who accept the offer of 3 thousand 250 euros for every 100 thousand euros of principal amount of the bond.
Reducing debt, which is the main pillar of the 2021-2025 Strategic Plan
One of the key objectives of Sacyr’s 2021-2025 Strategic Plan reduce net recourse debt to zero. It currently amounts to €661 million, but funds from the sale of service subsidiaries Valoriza and Facilities will also contribute to reducing this figure.
Specifically, at the end of October, the company completed the sale of Valoriza to Morgan Stanley. 420 million euros and an enterprise value of 734 million euros, including debt. On the other hand, it continues its efforts to close the sale of its subsidiary Sacyr Facilities, with which it made a purchase-sale agreement last July, to Serveo as company value. 87 million euros. In addition, Sacyr will be able to receive up to 15 million euros, depending on the success of the various claims currently ongoing.