Tuesday 2 December 2014

Abengoa Arranges $680 Million Funding Facility With Gulf Banks - Bloomberg

Abengoa Arranges $680 Million Funding Facility With Gulf Banks - Bloomberg:



"Abengoa SA (ABG) signed a 2.5 billion dirham ($680 million) financing facility with four Persian Gulf banks to help the Spanish renewable energy company bid for contracts in the region, said the banker who co-ordinated the transaction.



The package, which is a mix of conventional and Islamic loans, was provided by Mashreq Bank PSC and three other lenders, Artur Uluc, director of corporate finance at Mashreq Bank in Dubai, said yesterday. He declined to name the other banks.



Abengoa’s debt plunged last month after the Seville-based company said it accounted its $630 million of high-yield green bonds as non-recourse debt, which typically does not allow creditors to seek claims directly from the company in case of default. Investors had understood the notes to be recourse debt and the change raised questions about Abengoa’s leverage ratio.

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