Spain's Fomento de Construcciones y Contratas SA (FCC.MC) said Thursday it has set a 6.5% coupon and a EUR39.29 a share conversion price for a EUR450 million convertible bond.

In a statement, the construction company said that the bond issue, announced Wednesday, will diversify its financing base and that shareholder dilution will be limited by "FCC's ability to use treasury stock in the bond conversion."

Company Web site: http://www.fcc.es

-By Jonathan House, Dow Jones Newswires; 34 91 395 81 20; jonathan.house@dowjones.com