Abengoa Raises $328 mln from U.S. Share Sale

Spanish renewable energy firm Abengoa, which is selling assets to cut debt, said it had raised $328 million from selling shares in its U.S. unit after banks underwriting the offer bought more of the stock.

Abengoa said late on Friday it had sold nearly 10.6 million shares in Abengoa Yield, after underwriters exercised their so-called over-allotment option to buy an extra 1.38 million shares in the offering.

That is usually a result of strong demand for a stock sale.

The Spanish company will reduce its holding in Abengoa Yield to 51 percent from 64 percent with the sale and plans to cut that further by the summer, Chief Executive Manuel Sanchez said in a recent interview.

Shrinking its stake in the unit, which groups power assets in the United States and Latin America, to a minority holding will allow Abengoa to remove 4 billion euros ($4.6 billion) in debt from its balance sheet.

The Abengoa Yield shares were placed at $31 each, raising a gross $328 million before fees.

Citi and Bank of America Merrill Lynch are global coordinators of the placing, with HSBC and Santander acting as joint bookrunners. ($1 = 0.8645 euros) (Reporting by Sarah White; Editing by David Holmes