ACS pays down debt with €800m Iberdrola sale
Grupo ACS sold down €800m of its 18.5% stake in Iberdrola on Wednesday, repaying some of the debt it used to fund the holding and freeing up cash rather than tying it up in a SPV.
UBS and Société Générale were joint bookrunners for the surprise deal which was priced with a 7% discount and was followed by a weak stock price on Wednesday.
ACS has been under pressure to reduce debt, some of which is issued by various SPVs and secured on the
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