LA CNMV APPROUVE L'EMISSION D'OBLIGATIONS CONVERTIBLES DE COLONIAL D'UN MONTANT DE 1,429 MILLIARD D'EUROS

LA CNMV APPROUVE L'EMISSION D'OBLIGATIONS CONVERTIBLES DE COLONIAL D'UN MONTANT DE 1,429 MILLIARD D'EUROS


Cette émission inclut le droit de souscription préférentielle pour tous les actionnaires de Colonial, qu'ils pourront exercer jusqu'au 20 décembre prochain

Cette opération représente le point culminant du plan d'action conçu par le nouveau Conseil d'Administration, concentré à renforcer la solvabilité de Colonial et à stabiliser la société financièrement et opérationnellement

Barcelone, le 4 décembre 2008. - La CNMV (COMISIÓN NACIONAL DEL MERCADO DE VALORES) a approuvé le prospectus d'émission d'obligations convertibles d'un montant de 1,429 milliard d'euros que Colonial exécutera au cours de ce mois de décembre.

The issue, which was approved by Colonial's General Shareholders' Meeting on 21 November, is a key component to the debt restructuring agreement signed by the Company last September.

Under this agreement, the Lead Banks of the syndicated loan (Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland) and Banco Popular and La Caixa agreed to underwrite any bonds not taken up by shareholders during the preferential subscription period up to a maximum amount of approximately E1.3 billion, which is more than 90 percent of the total amount of the issue.

The issue carries a preferential subscription right for all of Colonial's shareholders, which may be exercised until 20 December. Shareholders may subscribe for one bond, with a par value of E100, for every 117 shares they hold.

The holders of the bonds, which are set to mature on 14 March 2014, may be converted into shares in three conversion periods. The first period will begin six months after the issue date, which is scheduled for the end of this December, and will end on the third anniversary of the date of issue. During this period, the bond holders may exercise their right of conversion during the months of March, June, September and December each year.

The second and third conversion periods will respectively coincide with the fourth and fifth anniversaries of the date of issue.

The bonds will bear interest at 12-month Euribor plus 4% per annum. This interest rate will be compounded and increase the par value of the bond.

The bonds will be convertible into new Colonial shares at a fixed rate of E0.25 per share. The conversion into Colonial shares will be mandatory upon maturity.

This transaction represents the successful culmination of the action plan drawn up by the new Board of Directors, focussed on strengthening Colonial's balance sheet and stabilising the Company financially and operationally

In this regard, and thanks to the issue of the convertible bonds, the structure of Colonial's capital, which at the end of Q3 2008 presented net financial debt of E8.975 billion and equity of E1.151 billion, will be substantially strengthened, cutting the debt by 16% to E7.546 billion while increasing equity by 124% to E2.58 billion. The positive impact of the transaction on the cash requirements will also be very substantial, with an estimated saving of E120 million per annum.

As a result of this issue, which has the support of the Company's main shareholders and creditors, Colonial is well positioned to open a new chapter on the basis of rigorous and transparent management, adapted to market realities.

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