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Gamesa successfully completes a €236 million capital increase

By WPED Contributor | September 9, 2014

Gamesa has successfully completed a €236.10 million share placement through an accelerated bookbuilding process; the placement increases the company’s current share capital by approximately 9.99%.

Gamesa capital

The capital increase will allow it to access new market growth opportunities with strength of a more solid and flexible capital structure.

Gamesa has issued 25,388,070 new shares to a large number of qualified and institutional investors from all over the world. The shares were prices at €9.30, above the trailing three-month average share price up until the close of trading prior to the transaction launch (+2.02%) and at a discount of 4.66% with respect to yesterday’s close (€9.76 per share). With this transaction, Gamesa has also increased its shareholder base, welcoming some of the largest global investor groups into its shareholder ranks.

The transaction proceeds will enable the company to tap business opportunities in addition to those contemplated in the 2013-2015 Business Plan, while preserving a solid and optimal capital structure.

These new opportunities are related to brighter growth prospects in the onshore market, particularly in emerging markets in which Gamesa boasts strong competitive positioning, as well as entry into the offshore segment via the joint venture with Areva.

“This transaction evidences the fact that the financial markets applaud Gamesa’s management and strategy and its goal of continuing to shore up its competitive positioning in the wind industry,” says Artázcoz, CFO, Gamesa.

Bank of America Merrill Lynch and Citigroup acted as global coordinators and joint bookrunners and BBVA acted as lead manager and agent bank.

The newly issued shares will be ordinary shares with identical rights to those already outstanding and will trade on the Bilbao, Madrid, Barcelona and Valencia stock exchanges.

Also read: Gamesa completes construction of its first wind farm in Chile.

Gamesa
www.gamesacorp.com


Filed Under: News, Policy
Tagged With: Gamesa
 

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