Mon, Nov. 9, 7:57 AM
- Abengoa (ABGB, ABY) says Spanish steel firm Gonvarri will invest €250M for a 28% stake in the company to become its main shareholder after also taking part in a planned rights issue.
- After Gonvarri's initial investment, to be carried out through the issue of new shares, the rights issue will be cut to €400M, and the steel company also will subscribe part of that.
- Gonvarri will be investing in Abengoa at a sharp discount of more than 20% percent relative to the closing price of its class A and B shares on Friday.
- Heavily indebted Abengoa had €9.8B of gross consolidated debt, including bonds, as of the end of June.
Fri, Nov. 6, 8:23 AM
Fri, Nov. 6, 8:17 AM
Mon, Oct. 5, 5:41 PM
Wed, Sep. 30, 12:58 PM
- Abengoa Yield (ABY +0.4%) is downgraded to Equal Weight from Overweight with a $23 price target, cut in half from a previous $46, at Morgan Stanley, citing concerns related to a lower growth outlook and the risk of parent Abengoa (ABGB -3.6%) not fully supporting using ABY to monetize completed contracted assets.
- Stanley believes that although ABGB's recent financing update was positive, the upcoming €400M sale of ABY’s shares by ABGB could pressure the share price.
- The firm cuts its dividend per share CAGR estimate for 2016-20 to 8% from 11% to reflect the possibility of the parent company reducing the rate of asset development and sales, as well as to reflect ABY’s higher dividend yield, which makes accretive acquisitions more challenging.
Tue, Sep. 8, 11:44 AM
- Abengoa Yield (ABY -6.3%) is downgraded to Neutral from Buy at BofA/Merrill after disclosing that CFO Eduard Soler has resigned effective immediately, the second significant and abrupt departure of senior management in the last four months.
- In view of earlier executives departures and continued liquidity and cost of capital concerns at the Abengoa (ABGB +17.2%) parent, BofA says the announcement "prompts elevated concerns about near-term capital availability and long-term growth prospects' at ABY and raising "the possibility that more deep-seated issues exist of which we are unaware."
Fri, Sep. 4, 9:57 AM
- Abengoa (ABGB +5.1%) is working with financial advisory firm Lazard to find investors for its planned capital increase, and may also consider debt restructuring in the future, according to a Bloomberg report.
- The company said last month that it is seeking to raise €650M ($724M) of capital and dispose of €500M of assets.
- ABGB also is said to be considering selling part of its stake in Abengoa Yield (ABY -2.7%), in which it holds a 49% stake worth more than $1B.
Mon, Aug. 3, 3:12 PM
- Abengoa (ABGB -30.4%) shares and bonds plummet as the Spanish renewable energy company’s plan to shore up capital fails to reassure investors that it can stop burning cash.
- ABGB says it is seeking to raise €650M ($713M) of capital and dispose of €500M of assets, stepping up disposal plans from €400M as recently as Friday, when it also told investors that 2015 free cash flow will total as much as €800M lower than previously forecast.
- ABGB’s €375M of 7% notes maturing in April 2020 fell to the lowest since they issued, pushing the yield up to 17.2%, according to Bloomberg data.
- ABY -2.5%.
Thu, Jul. 30, 9:10 AM
Thu, Jul. 30, 8:27 AM
Mon, Jul. 27, 8:10 AM
- Abengoa (NASDAQ:ABGB) says it has reached agreement with Abengoa Yield (NASDAQ:ABY) to sell a fourth asset package comprised of two solar assets for $370M.
- The assets consist of Solaben 1 and 6, two 50 MW solar plants located in the Extremadura region of Spain, which have been in operation since 2013.
- ABY expects the new assets to generate incremental run rate cash available for distribution of ~$31.5M per year.
Tue, May 19, 8:28 AM
- Abengoa (NASDAQ:ABGB) names Santiago Seage, who has resigned as CEO of Abengoa Yield (NASDAQ:ABY), as its new CEO, effective immediately, in the wake of the resignation of CEO Manuel Sanchez Ortega for personal reasons.
- ABY appoints Javier Garoz, CEO of Abengoa Bioenergy and an ABY director, as its new CEO.
Mon, May 11, 7:53 AM
Wed, Apr. 1, 12:41 PM
- RBC's utilities analyst team turn more positive on the group after the Q1 selloff, and are now focusing on deregulated generators and the new yieldcos.
- RBC expects the yieldcos to raise distributions in the coming years, in effect offsetting the interest rate risk inherent in most of the sector.
- The firm considers four stocks as “best plays” in the sector and rates them Outperform: Abengoa Yield (NASDAQ:ABY), Pattern Energy (NASDAQ:PEGI), Calpine (NYSE:CPN) and Exelon (NYSE:EXC).
Mon, Feb. 23, 9:11 AM
Tue, Jan. 6, 8:49 AM
- Abengoa (NASDAQ:ABGB) +9.3% premarket after EIG Global Energy Partners agrees to jointly invest in the development of ABGB's projects under construction.
- ABGB says the portfolio of projects includes conventional generation and renewable energy assets and transmission lines in the U.S., Mexico, Brazil and Chile for a total investment amount above $9.5B.
- EIG will hold a majority stake in the new company; the companies hope to execute a binding agreement by the end of January.
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