Portuguese construction company goes to the market to issue up to 60 million euros in bonds

Construtora portuguesa vai ao mercado para emitir até 60 milhões de euros em obrigações

In an operation aimed only at professional investors, the Portuguese construction company Mota-Engil will issue between 50 and 60 million in bonds.

"Mota-Engil informs about the launch of a new subscription offer for book-entry and registered bonds with a unit nominal value of one thousand euros, a minimum global value of 50 million euros and a maximum global value of 60 million euros, representing the new bond loan 'Obrigações Ligadas a Sustentabilidade Mota-Engil 2023-2028' (Mota-Engil 2028 Bonds)," the company announced in a statement quoted by the Jornal de Negócios.

The operation began on Monday of this week and is expected to run until next Monday, December 4. The target audience will be able to subscribe in cash or exchange debt.

Cash subscription orders will take precedence over debt exchanges, and in the case of investors wishing to hand over old securities for bonds maturing in 2028, bondholders with debt maturing in 2024 will be dealt with first, followed by investors with bonds maturing in three years' time.

The nominal value for each bond is one thousand euros, but in addition, the newspaperAccording to the report, "investors will be able to obtain bonds from this line by exchanging bonds from two others, one maturing in 2024 and the other maturing in 2026, with the ratio in the first case being four bonds from the "Mota-Engil 2024 Bonds" line for each new bond."

The "Obrigações Mota-Engil 2019/2024" line has a unit value of 250 euros and a total value of almost 84 million euros, paying a fixed annual coupon of 4.375%.

As for bonds maturing in three years' time, the exchange ratio is two bonds maturing in 2026 for each new bond.

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