UPDATE 1-Abengoa refinances Elliott project loan
(Adds detail on convertible bond consent solicitation)
By Robert Smith
LONDON, Sept 29 (IFR) - Abengoa has raised a new project bond to refinance a bridge loan from US hedge fund Elliott Management taken out two years ago to fund its Solaben 1 and 6 solar projects.
The Spanish energy firm also moved forward with its plans to change the guarantees on its convertible bonds on Tuesday.
A special purpose vehicle called Solaben Luxembourg priced a 285m 3.758% December 2034 amortising bond on Friday via Santander, Citigroup and Credit Agricole. Standard & Poor's rates the bond BBB.
Santander and Credit Agricole are both underwriters on the company's upcoming 650m rights issue, as well as lenders to its syndicated loan facility. Citigroup is also a lender to this facility and led the company's last equity placement.
The bond is yet to settle but Abengoa has repaid Elliott, according to a source.
The project bond suggests the company's recently announced underwriting commitments for its equity capital raise have eased pressure on its ability to raise non-recourse financing against its assets.
Abengoa is selling Solaben 1 and 6 to its US-listed yieldco Abengoa Yield. Continuación...