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

MADRID Sun Oct 6, 2013 7:05am EDT

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

Abengoa, which plans to use proceeds to pay down debt and improve its balance sheet, said it would offer 182,500,000 Class B 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 per share on October 3, giving each ADS a value of $14.82.

A source at Abengoa said on Sunday that the offer was "one step further" in the company's U.S. strategy. Abengoa generates 30 percent of its revenues in the U.S., compared to 18 percent from its home market of Spain.

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

Abengoa, which has energy, transportation and telecommunications assets, has mandated Banco Santander, Bank of America Merrill Lynch, Cannacord Genuity, Citigroup, HSBC and Societe Generale for the offering. It could raise 443 million euros if the underwriters exercise their over-allotment option in full.

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