Varie
ICA Announces Clarifying Amendment to US$215 Million Secured Convertible Loan With Fintech
MEXICO CITY, June 28, 2016 (GLOBE NEWSWIRE) -- (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.
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
Copyright GlobeNewswire
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: %s via Globenewswire