OHL €999 million rights issue

Overview:

• Obrascon Huarte Lain (OHL)—one of the biggest international construction companies in Spain—has issued new shares at a 62% discount to its last closing price to raise capital to reduce financing costs and fund expansion.
• OHL issued 199 million new shares at €5.02 euros apiece to raise €999 million ($1 billion).
• OHL will use proceeds from the transaction to reduce debt and finance new concessions as part of a plan to double revenue by 2020.

Adam Majeed - Regional editor