UPDATE 1-Abertis shares drop below OHL margin loan trigger

lunes 15 de junio de 2015 10:52 GYT

(Updates with context of Abertis capital increase)

By Robert Smith

LONDON, June 15 (IFR) - Abertis shares fell below 15.105 on Monday, the reported trigger level for a cash call on Obrascon Huarte Lain's margin loan secured against the stock.

The Spanish construction firm disclosed in a March bond prospectus that the 1.1bn margin loan, secured by its entire 13.93% stake in Spanish infrastructure company Abertis, would require cash collateral if the share price falls below 15.105.

Rating agency Fitch warned last week that the margin loan could create "potential pressure on OHL," stating that the cash margin call was set at 15.10, according to the last publicly available information from December 2014.

Abertis' shares were quoted at 14.580 at 1300 BST.

The lower share price was caused by a 5% capital increase at Abertis to remunerate shareholders with bonus shares, however, which means that the trigger on OHL's margin loan could also have been reset.

OHL has already had to post more collateral against a margin loan on OHL Mexico stock in recent weeks, as allegations of corruption at its Mexican unit triggered a slide in its share price.

The Abertis margin loan sits at OHL Emisiones SA, a vehicle owned by OHL's concession division OHL Concesiones SA.   Continuación...