LONDON, Sept 30 (IFR) - Abengoa has had to increase collateral against its margin loan on Abengoa Yield stock, according to an SEC filing.
The Spanish energy firm took out a US$200m two-year margin loan secured against its stake in the US-listed yieldco on June 29, posting 14m shares as collateral.
This is equivalent to 14% of Abengoa Yield and was worth around US$450m at that day’s US$32.20 a share market price.
But since the loan was signed, the growing crisis at Abengoa and souring sentiment in the yieldco sector have battered the US firm’s share price.
The stock closed at US$16.40 on Tuesday, nearly halving in value from June 29, blowing through loan-to-value triggers on the margin loan in the process.
In an SEC filing on Tuesday, Abengoa Yield reported that Abengoa has now pledged just over 16.5m of its shares as security for the loan.
The Spanish company owns 49% of the yieldco but, aside from the stake tied up in the margin loan, around 7% of this is encumbered by an exchangeable bond.
Abengoa told investors last week that it is looking to raise around 400m-equivalent by the first quarter of 2016 by selling a percentage of its yieldco stake or through offering a financial instrument giving exposure to its economic rights. (Reporting by Robert Smith; Editing by Philip Wright, Julian Baker)