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Obrascon Huarte Lain (50ML)

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Tuesday 27 September, 2011

Obrascon Huarte Lain

OHL Concesiones Equity Swap

RNS Number : 9663O
Obrascon Huarte Lain, S.A.
26 September 2011
 



London Stock Exchangey

 

Madrid 26 September, 2011

 

 

Ref.: Notification of Significant Event: OHL Concesiones Equity Swap

 

Dear Sirs,

 

 

The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following Significant Event:

 

The company reports that its 100% owned subsidiary, OHL Concessions S.A., has signed a financial transaction in Mexican pesos, for a 3 year term, for an equivalent amount of 100 million euros. This transaction has been implemented through an equity swap of shares represented by 6,3% of its listed subsidiary OHL Mexico, S.A.B. de C.V., through which OHL Concesiones, S.A. retains both, the gain obtained from the appreciation of the shares during the term of the financial transaction, and the option of rebuying them at the end of the 3 year term.  The funds obtained from said transaction will be assigned by OHL Concesiones, S.A. to repay the existing intercompany loans with its parent company OHL, S.A.

 

This transaction is in line with the Group's financial policy of promoting the financial independence of the Concessions subsidiary. On its side, OHL, S.A. will use the full amount of funds received from OHL Concessions S.A. to reduce corporate net debt.

 

 

Yours faithfully,

 

 

José María del Cuvillo Pemán
Vice-Secretary of the Board of Directors
 

 


This information is provided by RNS
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