Abengoa Yield

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  • Mon, Jan. 25, 5:58 PM
    • Abengoa (ABGB, ABY) says its board agrees to move forward with a debt restructuring and asset sales, as it seeks to avoid becoming Spain's biggest bankruptcy.
    • ABGB says a feasibility plan presented to its board involves the sale of non-core assets, including its first generation biofuel business, as it focuses on its engineering and construction units.
    • The company aims to reduce its corporate debt to ~3B from 9B under the plan, Reuters reports, implying that creditors would have to accept a loss of ~70% on their investment and swap debt for shares.
    | Mon, Jan. 25, 5:58 PM
  • Thu, Jan. 14, 12:08 PM
    • Abengoa (ABGB -6.5%) bonds were valued at less than $0.05 on the euro in an auction to settle credit default swaps, signaling that investors have little confidence in the company’s future, Bloomberg reports.
    • "The level indicates that the market doesn’t expect Abengoa to survive," and investors are "forecasting a full writeoff on the bonds," Spread Research credit analyst tells Bloomberg.
    • Abengoa, which has €8.9B ($9.7B) of gross borrowings, is trying to negotiate a debt restructuring after filing for preliminary creditor protection in November.
    • ABY -0.8%.
    | Thu, Jan. 14, 12:08 PM
  • Mon, Jan. 11, 5:36 PM
    • Abengoa Yield (NASDAQ:ABY) earlier named Francisco Martinez-Davis as its new CFO, replacing Eduard Soler, who resigned in September.
    • Martinez-Davis most recently was CFO for the company responsible for the management and operation of Madrid's metropolitan rail service, and had been deputy general manager in finance and treasury at Spanish telecom company Telefonica Moviles.
    • The news comes four days after the company said it had changed its corporate name to Atlantica Yield.
    | Mon, Jan. 11, 5:36 PM
  • Dec. 23, 2015, 8:41 AM
    • Abengoa (ABGB, ABY) creditors reach a final agreement to provide the company with a €106M ($116M) credit line to help it pay workers’ salaries and suppliers, with a final agreement expected to be signed this week.
    • The loan would be backed by shares in Abengoa Yield, the power plant operator created by Spain-based Abengoa that trades in the U.S.
    • Abengoa has until the end of March to reach an agreement with creditors under Spanish bankruptcy law.
    | Dec. 23, 2015, 8:41 AM
  • Dec. 18, 2015, 2:45 PM
    • Abengoa (ABGB, ABY) creditors reach a preliminary agreement to provide the distressed company a €113M ($122M) credit line to pay wages and suppliers through the end of the year, with a final deal expected to be signed early next week, Bloomberg reports.
    • The deal gives Abengoa more time to negotiate with lenders as it works on a restructuring plan, but analysts say insolvency remains a possibility in 2016 as obtaining further funding may prove challenging.
    | Dec. 18, 2015, 2:45 PM
  • Dec. 15, 2015, 2:36 PM
    • Creditor banks are ready to extend a €210M ($229M) lifeline to Abengoa (ABGB +9.2%) over the next six weeks in exchange for a new restructuring plan, Reuters reports.
    • Although lenders are still pushing for ABGB to obtain alternative funding by its own means, they are also discussing the possibility that the Spanish government and international investment funds could participate in the €110M credit line, according to the report.
    • ABY +8.9%.
    | Dec. 15, 2015, 2:36 PM
  • Dec. 10, 2015, 4:58 PM
    • Abengoa (NASDAQ:ABGB) and creditor banks agree to put on hold an option of selling shares in its Abengoa Yield (NASDAQ:ABY) business as a means of raising money, Reuters reports.
    • Abengoa, trying to avoid becoming Spain's biggest-ever bankruptcy, is negotiating a multi-million-euro lifeline with creditor banks which have asked the company to guarantee it with assets.
    • Banks had been pressing ABGB, which owns biofuel and solar-heated power plants in the U.S., to sell assets immediately, including a 47% stake in ABY, but all sides reportedly agreed today to put the idea on hold.
    | Dec. 10, 2015, 4:58 PM
  • Dec. 7, 2015, 10:57 AM
    • Arizona's largest solar power plant - the Solana generating station near Gila Bend - will remain in operation despite its parent company's financial meltdown, according to a U.S. Department of Energy official.
    • Abengoa (ABGB -11.1%), the Spanish company that owns Solana, is on the verge of liquidating assets in preparation for possible bankruptcy, but the DoE says the U.S. is protected if ABGB goes into bankruptcy; Solana, which earns revenue by selling power to Arizona Public Service Co., was built with a $1.5B loan guarantee from the U.S. government to Abengoa Yield (ABY -2.9%) and Liberty, a company separate from the parent company; ABGB, however, is the largest investor in ABY.
    • ABGB also is the parent owner of Mohave solar plant in California, which also should not be affected either, the DoE says.
    • Separately, Bloomberg reports that ABGB will meet with its main creditor banks this week as it seeks to line up the funds it may need to avoid insolvency.
    | Dec. 7, 2015, 10:57 AM | 2 Comments
  • Nov. 30, 2015, 11:28 AM
    • Abengoa Yield (ABY -2.3%) is downgraded to Hold from Buy with a $16 price target, lowered from $29.50, at Canaccord, which believes shares will remain volatile in the near term and keeps its conservative EBITDA and EPS estimates until management updates FY 2016 guidance.
    • While Canaccord finds the return of ex-ABY CEO Santiago Seage a benefit for parent Abengoa (ABGB +6.9%) - ABY shares are ABGB's most valuable liquid asset as reorganization negotiations start - but for ABY shareholders, the move adds additional uncertainty surrounding the individuation process that has been at the core of the firm's bull thesis.
    | Nov. 30, 2015, 11:28 AM | 1 Comment
  • Nov. 27, 2015, 12:47 PM
    • Abengoa Yield (ABY -3%) is working with JPMorgan Chase as it seeks a buyer for its parent company Abengoa’s (ABGB -19.7%) 47% stake, Bloomberg reports.
    • ABY hopes to find a long-term investor to guarantee its sustainability as an independent business after the parent company filed for preliminary protection from creditors, according to the report.
    • ABY operates solar and wind farms, desalination plants, transmission lines and conventional power plants in eight countries on four continents, which will provide steady revenue streams for years to come and should make ABGB’s stake attractive to buyers.
    | Nov. 27, 2015, 12:47 PM
  • Nov. 27, 2015, 10:33 AM
    • Abengoa (ABGB -27.4%) says Santiago Seage is stepping down as CEO after six months on the job and focus on his role as managing director of Abengoa Yield (ABY -4.3%), part of a management shuffle after the company filed for creditor protection.
    • CEO duties will be shared by Chairman Jose Dominguez Abascal, who becomes executive chairman, and new general director Joaquin Fernandez de Pierola Marin, who had been chairman of Abengoa Mexico.
    • Abengoa said today it is seeking creditor protection, a step that gives a four-month window during which it can suspend payments to creditors while negotiating a debt restructuring; the move follows this week's collapse of rescue talks.
    | Nov. 27, 2015, 10:33 AM
  • Nov. 25, 2015, 9:51 PM
    • Spain's Abengoa (ABGB, ABY) began insolvency proceedings today after a potential investor said it would not inject fresh capital into the company, cutting its share price in half.
    • Under Spanish law, companies can enter into pre-insolvency proceedings, giving them up to four months to reach a deal with creditors to avoid a full-blown insolvency process and potential bankruptcy; a failure by Abengoa to reach an agreement could lead to Spain's largest ever bankruptcy.
    • Abengoa says it is resuming negotiations with creditors after Spanish investment firm Gonvarri Corporación Financiera canceled a plan to inject ~€350M.
    | Nov. 25, 2015, 9:51 PM | 3 Comments
  • Nov. 25, 2015, 12:46 PM
    | Nov. 25, 2015, 12:46 PM | 3 Comments
  • Nov. 25, 2015, 9:19 AM
    | Nov. 25, 2015, 9:19 AM | 5 Comments
  • Nov. 9, 2015, 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.
    | Nov. 9, 2015, 7:57 AM | 2 Comments
  • Nov. 6, 2015, 8:23 AM
    • Abengoa Yield (NASDAQ:ABY) declares $0.43/share quarterly dividend, 7.5% increase from prior dividend of $0.40.
    • Forward yield 8.82%
    • Payable Dec. 15; for shareholders of record Nov. 30; ex-div Nov. 25.
    | Nov. 6, 2015, 8:23 AM
Company Description
Abengoa Yield PLC owns, manages and acquires renewable energy, conventional power, electric transmission lines and other contracted revenue-generating assets, focused on North America, South America and Europe.
Sector: Utilities
Country: United States