Técnicas Reunidas will allocate 100 million of its capital increase to reduce debt and improve treasury

MADRID, 12 Abr.

Técnicas Reunidas will allocate 100 million of its capital increase to reduce debt and improve treasury


Técnicas Reunidas will also use its announced capital increase of 150 million euros to reduce its debt and improve its treasury, as well as to finance the operating expenses required by the low-carbon technology segment.

This is how the company transferred it this Wednesday to the National Securities Market Commission (CNMV) in a presentation on this operation, whose information brochure has already been approved by the supervisor.

Specifically, according to said brochure, Técnicas Reunidas will allocate a third of its capital increase (around 50 million euros) to continue reducing its level of indebtedness. Thus, it will use this amount to repay 33.5 million euros of the ICO syndicated loan and 14 million euros of the Cesce Syndicated Financing agreement.

Another third of the capital increase, that is, another 50 million euros, will be dedicated to optimizing the group's net cash position and strengthening its treasury levels, while the remaining 50 million euros will be used to invest in projects energy sources in Spain, Europe and the United States, and in technologies with low carbon levels.

The capital increase announced last Monday by the group will consist of the issuance of a total of 24,405,265 new shares, at a subscription price of 6.15 euros for each new share (nominal value of 0.10 euros plus a premium of 6.05 euros).

The company will grant preferential subscription rights. Each share held by registered shareholders will entitle them to receive a pre-emptive subscription right. The exercise of 11 pre-emptive subscription rights will entitle its holder to subscribe 5 new shares by paying the subscription price in cash.

The capital increase is aimed at the shareholders of the company who have acquired their shares until this Wednesday, April 12, and who appear as shareholders in Iberclear's records at 11:59 p.m. on April 14, both inclusive.

The preferential subscription period will start tomorrow, April 13, and will end on April 26, both inclusive. During the pre-emptive subscription period, shareholders of record or purchasers of pre-emptive rights may exercise or sell their pre-emptive rights, in whole or in part.

Once the pre-emptive subscription period has ended, if there are new shares pending allocation, the company will distribute them among the holders of pre-emptive subscription rights who have exercised all their rights and have requested, at the time of exercising their rights, the subscription of additional new shares. .

After this period, if there are new unsubscribed shares, an additional allocation and underwriting period will be opened, which will end no later than May 4.

The capital increase has the support of the majority shareholders, the Lladó family, and Cobas Asset Management, which jointly own more than 43% of Técnicas Reunidas. They have both irrevocably committed to going to her.

Azvalor, holder of 6.08% of the share capital, although it has not signed an irrevocable commitment, has informed Técnicas Reunidas of its intention not to dilute its total aggregate participation in the share capital.

The new shares from the capital increase are expected to begin trading on May 5.

The shares of Técnicas Reunidas fell 16.82% yesterday on the stock market compared to last Holy Thursday, until exchanging at a price of 8.33 euros.