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ACS successfully launches its first bond issue in the markets with demands for five times the amount issued

The amount issued accounts for approximately 720 euro million, with an annual nominal coupon of 2.625% and a maturity of 5 years

04-10-2013
- The bond is exchangeable into Iberdrola shares, with an exchange price of € 5.77 per share, equivalent to an exchange premium of 35%
- The issue allows ACS to access, for the first time, to the international bond markets
Madrid, October 4th, 2013. Grupo ACS has successfully completed its inaugural bond issue for a nominal amount of 720 Euro million, exchangeable for 125 million Iberdrola shares, which will act as collateral for the bonds.
The issue has a nominal annual coupon of 2.625%, payable quarterly, with a maturity of 5 years. The exchange price is € 5.77 per share, equivalent to an exchange premium of 35% compared to today’s volume weighted average price of Iberdrola from launch to pricing of the issue.
The bond issue allows the Group the possibility to sell a significant part of its current position in Iberdrola since ACS has the option to repay the bond principal with Iberdrola shares in any event, including the case of an early amortization or, if at maturity, the conversion price would not be reached.
The bond issue, one of the largest of its type carried out in 2013 in Europe, is the first one from ACS in the equity-linked bond market, as part of the Group’s strategy to access international capital markets and gradually diversify its sources of financing.
This bond issue has been very successful among the investment community, as shown by the total demand, which accounted for approximately 3.5 Euro billion, an oversubscription of approximately 5 times the amount issued.