Write to David Roman
MADRID--Spanish construction company Actividades de Construccion y Servicios SA (ACS.MC) said Friday it will issue around 700 million euros ($952 million) worth of bonds convertible into stock of power utility Iberdrola SA (IBE.MC).
In a regulatory filing, ACS said the five-year bonds will be sold to qualified investors and have an annual interest rate of between 2.625% and 3.375%. The entire issue would be convertible into stock accounting for around 2% of Iberdrola's outstanding shares.
ACS currently holds a stake of around 5% in Iberdrola.
Write to David Roman at firstname.lastname@example.org Twitter @dromanber
(END) Dow Jones Newswires
October 04, 2013 02:42 ET (06:42 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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