REG - Obrascon Huarte Lain - Sale of 5% of Abertis to Inmobiliaria Espacio <Origin Href="QuoteRef">MDT.N</Origin> <Origin Href="QuoteRef">OHL.MC</Origin>

MedtronicAnnouncement

29/10/2014 12:02

RNS Number : 3202U
Obrascon Huarte Lain, S.A.
14 October 2014
OBRASCN HUARTE LAIN, S.A. ("OHL", the "Company"), in accordance with article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores), informs the Spanish securities regulator (Comisin Nacional del Mercado de Valores, "CNMV") of the following
RELEVANT FACT
The Company announces that today (through its wholly-owned subsidiary OHL Emisiones, S.A.U.) has sold a total of 44,915,253 shares in Abertis Infraestructuras, S.A. ("Abertis"), representing 5% of its share capital, to Inmobiliaria Espacio, S.A. (the parent company in the Villar Mir Group) (the "Transaction"). The total purchase price is 704,917,947 euros, equivalent to a price of 15.6944 euros per share, and the Transaction is expected to be settled on 17 October 2014.
The Parties have also entered into a Voting Agreement relating to Abertis shares today, which has been announced by way of a separate Relevant Fact.
Following this Transaction, OHL's stake in the share capital of Abertis is now 13.925% and the Villar Mir Group's direct or indirect interest in Abertis remains at 18.925%.
The Transaction was authorised by the Company's board at its meeting today, subject to a prior favourable report from the Nominations and Remuneration Committee (as it is a related party transaction), and with the abstention of the proprietary directors ("consejeros dominicales") appointed by the Villar Mir Group.
As part of OHL Group financial policy to reduce its leverage, this Transaction is framed particularly by its commitment to keep its ratio of [Recourse Net Indebtedness / Recourse EBITDA] below 3x at the end of each year.
The proceeds from the Transaction will be used by OHL Emisiones, S.A.U. as follows: (i) 277 million to partially pre-pay the 1.215 million Non-Recourse Credit it has secured with the 18.925% stake in Abertis (thereby releasing 5% of the shares from the existing pledge) and (ii) the remainder (net of applicable fees and expenses) will be transferred to OHL to be used entirely to reduce the Recourse Net Indebtedness.
A capital gain (net of taxes and expenses) of approximately 210 million will be recognised in the accounting records for 2014 as a result of the Transaction.
Madrid, 14 October 2014

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