ICA Announces Clarifying Amendment to US$215 Million Secured Convertible Loan With Fintech
June 28 2016 - 7:38AM
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@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia@ica.mx
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that 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