Abertis suitor Hochtief banks BBVA, Sabadell, Bankia table EUR 2.4bn - reported rumour (translated)
21 NOV 2017
Hochtief [FRA:HOT], the German builder backed by Spain-based builder ACS [BME:ACS], has procured since last week the EUR 14bn it needs to finance its bid for Spanish construction company Abertis [BME:ABE], El Confidencial reported. The pool of 21 banks includes BBVA, Sabadell and Bankia, as the only Spanish entities, which bring EUR 2.4bn between them, the report said, citing sources close to the process.
The pool of banks also include France’s Société Générale, Natixis and Credit Agricole, the German Commerzbank, the UK’s HSBC, RBS and Barclays, Mizuho and Sumitomo of Japan and the Canadian RBC. Lenders also include Chinese banks, the report said.
The Spanish banks CaixaBank and Banco Santander are financing Atlantia’s [BIT:ATL] offer, El Confidencial noted.
Sources close to the process put the interest of the financing at 140bps over midswap, that is below 2.5% for the EUR 14bn, according to the Spanish-language report. Hotchtief will pay an opening commission of 100bps, so it will pay 240bps over midswap during the first 12 months.
Hochtief is offering EUR 18.76 per share of Abertis; Atlantia has offered EUR 16.5 per share.