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The FCC capital increase closes with demand at over 9 times the amount of shares on offer<br /><br />

17/12/2014

The FCC capital increase closes with demand at over 9 times the amount of shares on offer

  • A total of 1,228 million requests were received for the 133 million shares on offer

 

The FCC capital increase closes with demand at over 9 times the amount of shares on offer<br /><br />

The FCC capital increase concluded today with the full subscription of the 133,269,083 shares placed on the market for the actual amount of EUR 999,518,122. Demand was 9.2 times greater than the amount of shares on offer.

During the pre-emptive subscription period, closed on 13 December, 1,228,069,553 shares were requested, representing demand at 9.2 times the amount of shares on offer. Since the number of additional shares requested was greater than the 423,077 available for allocation, these shares were apportioned accordingly. The apportionment meant that each applicant was allocated 0.034% of the requested shares.

As a result, FCC declared the capital increase to be fully subscribed. Over the coming days, the company will present the public instrument for this capital increase for notarisation and begin the registration process with the corresponding Trade Registry. The new shares are expected to be listed on the stock exchange markets on Monday 22 December.

Allocation of funds

The capital increase represents the culmination of the Group's financial and operational stabilisation process and the start of a new phase focusing on operational profitability and renewed growth. With the funds attained, FCC will bolster its equity situation, reduce its debt and improve its results by substantially reducing its financial burdens.

These funds will make it possible to pay off part of what is known as Tranche B of the refinancing agreement in effect since 23 June. This tranche comes to a total of EUR 1.39 billion, accrues interest at a rising rate (from 11% to 16%) and is convertible in shares after a period of four years if it has not been paid off or refinanced.

Specifically, FCC plans to allocate EUR 765 million to the repayment of this tranche, which will settle 900 million after applying the 15% write-off already agreed with the main creditors. The remaining funds will be allocated to Cementos Portland Valderrivas (EUR 100 million), FCC Environment (EUR 100 million) and expenses incurred in the issue process.