Sacyr : reduces its debt and oil market debt with a coverage ovr part of its Repsol shares

30/09/2016

Sacyr has considerably reduced its exposure to several oil market variations by the performance of a coverage, through a derivatives operations over 20,000,000 Repsol shares (16% of its total participation).

With the funs obtained from this derivative, Sacyr will immediately amortize an amount of 213 million Euros of the loan associated to the participation it holds in Repsol.

Due to this operation Sacyr eliminates the market price variation risk over the above mentioned shares under the milestone of 10.7€/share and can benefit from the possible increase of Repsol shares price.

The loan Sacyr has associated to its participation in Repsol will be reduced from 1,301 millions of Euros to 1,088 millions of Euros, which will reflect in the resulting savings of the yearly financial costs, the considerable improvement of the loan warranties structure and the reduction of its weight over the company statement, increasingly dedicated to the concessional sector.

Aside from risk coverage in relation to oil price and loan reduction, Sacyr diversifies it financing sources with this operation.

This operation is a part of the constant search Sacyr performs for new opportunities to mitigate or eliminate risks associated to the Repsol participation. Sacyr is certain that the continuous execution of this strategy is the best mean to enhance the company's' value.