Abengoa Raises $395 Million From U.S. Private Equity Firm
BUSINESSWEEK - Abengoa SA, Spain’s largest developer of solar-thermal plants, raised 300 million euros ($395 million) by selling new shares to First Reserve Corp., increasing capital and allying with the U.S. private equity firm.
The Seville-based developer agreed to sell 17.142 million Class B shares at 17.50 euros each, above the 15.84-euro closing price yesterday of its common Class A shares, according to a filing today. First Reserve will also receive warrants to buy 4.02 million more Class B shares for 1 euro cent each. Abengoa dropped as much as 7.7 percent in Madrid trading.
