ICA Announces Clarifying Amendment to US$215 Million Secured Convertible Loan With Fintech
(Thomson Reuters ONE) -
MEXICO CITY, June 28, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de
C.V. (BMV:ICA) (NYSE:ICA) announced today that it entered into an amendment
agreement to clarify the terms of the secured convertible loan agreement (the
"Loan") previously entered into through its subsidiaries Controladora de
Operaciones de Infraestructura, S.A. de C.V. ("CONOISA") and ICA Promoción e
Infraestructura, S.A.P.I. de C.V. ("ICAPI", and together with CONOISA the
"Borrowers"), with Fintech Europe S.A.RL. ("Fintech"), as lender, and ICA acting
as guarantor. The amendment is intended to clarify the original intention of
the parties that the loan also may be convertible into certificados de
participacion ordinaria ("CPOs") or shares representative of the capital stock
of ICA, as the case may be, representing up to 40% of the then fully-diluted
capital stock of ICA, provided that the conversion option would be effective
upon the receipt of certain regulatory and corporate approvals. Although the
loan might also be convertible into direct shares of certain of ICA's
operational subsidiaries, as previously disclosed, ICA considers that providing
Fintech with a conversion option at the holding company level allows ICA to
avoid the dilution of its interest in certain of its operational subsidiaries if
Fintech chooses to exercise its option, prior to June 16, 2019, to convert the
Loan at the holding company level or by delivering shares of ICA's subsidiaries
received as payment to ICA against delivery of CPOs or shares representative of
the capital stock of ICA, as the case may be.
As previously disclosed, the Loan will be used to fund working capital and other
investments required for the company to participate in new construction and
future infrastructure projects.
This press release contains projections or other forward-looking statements
related to ICA that reflect ICA's current expectations or beliefs concerning
future events. Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors could cause
actual results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These
factors include cancellations of significant construction projects included in
backlog, material changes in the performance or terms of our concessions,
additional costs incurred in projects under construction, failure to comply with
covenants contained in our debt agreements, developments in legal proceedings,
unanticipated increases in financing and other costs or the inability to obtain
additional debt or equity financing on attractive terms, changes to our
liquidity, economic and political conditions and government policies in Mexico
or elsewhere, changes in capital markets in general that may affect policies or
attitudes towards lending to Mexico or Mexican companies, changes in inflation
rates, exchange rates, regulatory developments, customer demand, competition and
tax and other laws affecting ICA's businesses and other factors set forth in
ICA's most recent filing on Form 20-F and in any filing or submission ICA has
made with the SEC subsequent to its most recent filing on Form 20-F. All
forward-looking statements are based on information available to ICA on the date
hereof, and ICA assumes no obligation to update such statements.
Empresas ICA, S.A.B. de C.V., carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term assets, including
airports, toll roads, water systems, and real estate. Founded in 1947, ICA is
listed on the Mexican and New York Stock exchanges. For more information,
visit http://ir.ica.mx.
Christianne Ibánez
christianne.ibanez(at)ica.mx
relacion.inversionistas(at)ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia(at)ica.mx
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson(at)zemi.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via GlobeNewswire
[HUG#2023543]
Datum: 28.06.2016 - 13:38 Uhr
Sprache: Deutsch
News-ID 480401
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"ICA Announces Clarifying Amendment to US$215 Million Secured Convertible Loan With Fintech"
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