The creditor funds have already injected 1.3 billion euros into the companies that own Celsa, which they have also merged into one in execution of the ruling that grants them ownership. As reported yesterday by the Official Bulletin of the Commercial Registry (BORME), on November 30 the capital of the three companies that controlled the industrial conglomerate (Inversiones Pico Aneto, Inversiones Pico Espadas and Inversiones Pico Aneyet) was reduced to zero to later capitalize them with 1,300 million by converting the debt incurred into shares. This is what is known in financial jargon as an accordion operation.
In parallel, the three entities are merged into one: Inversiones Pico Espadas. Yesterday’s BORME also includes the appointment of the former CEO of Gas Natural, Rafael Villaseca, as a director of that company that will control Barna Steel, which in turn controls all the companies in the group.
By bringing the capital to zero, the former owners (the Rubiralta family through several assets in bankruptcy proceedings) have lost the shares of the company founded by José María and Francisco Rubiralta in the 1960s. The shares have been kept by the funds that have capitalized the debt, providing solvency to the company. The operation has been structured partly with shares and partly with obligations called warrants.
The entire process is part of the recapitalization plan approved by the judge last September. Government approval has not been necessary for the entire operation because none of the new shareholders exceeds 10% of the capital, although it is not ruled out that the Executive will give its approval in the coming weeks.
Starting December 1, when the new owners took control of the company, they began counting down six months to look for an industrial partner to take around 20% of the shares. Among the possible candidates, Sidenor and Grupo CL from Extremadura stand out. Some sources also place the Galician company Megasa as one of the possible interested parties.
Precisely the search for a Spanish industrial partner is one of the conditions imposed by the Government to allow a group of funds to take over a strategic Spanish company such as the Celsa steel mill. Other of the most notable conditions are the maintenance of the long-term viability of the company, the group’s decision-making in Spain and the protection of employment and productive capacity.
Before executing the ruling establishing the change of ownership, the funds signed an agreement with the bank that allows financing lines to be extended for five years in the amount of 525 million euros.
