Spanish property company Urbas Guadahermosa plans to issue EUR 150 mln in convertible bonds, increasing its share capital to EUR 240 mln.
Spanish property company Urbas Guadahermosa plans to issue EUR 150 mln in convertible bonds, increasing its share capital to EUR 240 mln.
In a statement to the Spanish stock market regulator CNMV last week, Urbas said that it would issue the bonds in two tranches, with the first tranche of EUR 45 mln targeting institutional investors. The operation is aimed at strengthening the company's finances as well as giving access to new investors 'which will contribute to stabilising its business', Urbas said.
The bonds have a conversion price of EUR 0.25. The financial operation is being managed by Renta 4. Urbas Guadahermosa said that the subscription of bonds will be partially financed by investors through the contribution of assets and partially with the cancelation of part of Urbas' existing debt.
