The Peripheral Road Ring of Peru, the I-10 highway in the US or the Vía del Mare and the A-21 in Italy, among the assets to be promoted


Sacyr has raised 222 million euros in the capital increase that it launched this Thursday afternoon with the aim of promoting the development of its highway concession projects around the world.

Specifically, as the company reported this Friday to the National Securities Market Commission (CNMV), with this capital increase, it has obtained a total aggregate amount, including nominal amount and share premium, of 222.01 million euros. , through the issuance of 66.67 million new ordinary shares belonging to the same class and series as the shares currently in circulation.

The nominal amount of the capital increase has risen to 66.67 million euros and the new shares will be issued at a price of 3.33 euros for each new title, of which 1 euro corresponds to the nominal amount and 2.33 euros to the share premium, which represents a discount of 8.67% on the price at which Sacyr’s shares closed yesterday (3.646 euros).

The new shares represent approximately 9.6% of Sacyr’s share capital before the capital increase and approximately 8.7% after the increase.

Manuel Manrique, president, CEO and co-founder of Sacyr, owner of approximately 1.2% of the company’s share capital, and José Manuel Loureda, proprietary director and co-founder of Sacyr, indirect owner of approximately 7.3% of the capital social, have subscribed 600,600 and 1,801,801 new shares in the increase, respectively, as indicated by the company.

Both shareholders are subject to a commitment not to dispose of (‘lock-up’) the new shares for 90 days from the day of closing of the capital increase.

Additionally, Nortia Capital, indirect owner of approximately 5.08% of Sacyr’s share capital, has subscribed 3,390,000 new shares in the increase.

The company commissioned J.P. Morgan, Société Générale, Banco Santander and CaixaBank coordinated this operation, which was carried out through a private placement through a process of accelerated demand prospecting, aimed exclusively at qualified investors.

The new shares are expected to be admitted to trading on the Spanish Stock Exchanges today and to begin trading next Monday, May 27.

Sacyr expects that the settlement of stock market operations for the delivery of the new shares to investors will take place around next Tuesday, May 28.

Sacyr will allocate the funds, specifically, to the development of projects such as the Peripheral Road Ring in Peru, the I-10 highway in the United States or the Via del Mare and the A-21 in Italy, as well as other new concession projects that Sacyr may win in the short term.

The portfolio of opportunities is mainly focused on long-term ‘greenfield’ projects (from the construction of the asset) with limited or non-existent demand risk and in English-speaking countries with strong currencies, as well as in local markets, with annual returns in the range from 18% to 20%.

The company defends that this operation will serve to support the planned growth and thus reach an invested equity of 2,600 million euros in 2027, 60% more than currently. In 2027, the company is expected to have 30,000 million in investment under management, 50% more than at the end of last year, as set out in its strategic plan.

The company has signed a placement contract with the coordinating banks, by which it will assume a commitment not to dispose of the new shares for 180 days from the date of the placement contract, subject to standard market exceptions.