FCC shareholders at the Annual General
Meeting ratified the Group’s refinancing
plan that had been executed with banks
last March. The plan includes the refinan-
cing of 4.512 billion euro in bank debt and
the extension of the 450 million euro con-
vertible bond issue.
The refinancing agreement, backed by
99.98% of creditors, structures a very lar-
ge portion of bank debt into two tranches:
tranche A, with 3.162 billion euro, and B,
with 1.350 billion euro, which includes the
right to convert to FCC shares in the event
that in 2018 the company is unable to re-
pay or refinance upon maturity. The second
tranche is guaranteed by a warrant issue,
approved by the shareholders. The Gene-
ral Meeting also supported the modification
and extension of the 450 million euro con-
vertible bond issue to 2020.
Thanks to shareholders’ approval of these
two items, FCC has stabilised its financial
situation and laid the foundation to achieve
the objectives set out in its Strategic Plan,
presented in March of last year and whose
main items (such as debt and cost reduc-
h e g r o u p
tion and restructuring) are 80% complete.
Determination and courage
In her presentation, FCC chairman Esther
Alcocer Koplowitz underscored “the de-
termination and courage required due to
the circumstances in adopting the extraor-
