Spain's Abengoa hopes for 385 mln euros with U.S. share offer

Reuters

MADRID, Oct 6 (Reuters) - Spanish renewable energy andengineering firm Abengoa hopes to raise around 385million euros ($523 million) by issuing shares on the Nasdaqstock exchange, according to a notice filed to the U.S.Securities and Exchange Commission.

Abengoa, which plans to use proceeds to pay down debt andimprove its balance sheet, said it would offer 182,500,000 ClassB shares including in the form of American Depositary Shares(ADS), with each ADS reprensenting five Class B shares.

Abengoa said its Class B shares closed at 2.19 euros pershare on October 3, giving each ADS a value of $14.82.

A source at Abengoa said on Sunday that the offer was "onestep further" in the company's U.S. strategy. Abengoa generates30 percent of its revenues in the U.S., compared to 18 percentfrom its home market of Spain.

The company said in August it aimed to reduce its total netdebt, which stood at 7.2 billion euros at end-June, by 3.1billion euros by 2014.

Abengoa, which has energy, transportation andtelecommunications assets, has mandated Banco Santander, Bank ofAmerica Merrill Lynch, Cannacord Genuity, Citigroup, HSBC andSociete Generale for the offering. It could raise 443 millioneuros if the underwriters exercise their over-allotment optionin full.

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