EDP will proceed with a capital increase. It expects the shareholders to subscribe to all the new shares, but it has assured with several banks the operation's success.
EDP wants 1,020 million euros from its shareholders. However, to ensure the success of the capital increase that will finance the purchase of Viesgo, it has hired six banks, among them BCP. Alone, the bank led by Miguel Maya guarantees 200 million from this operation.
BCP, JP Morgan, Morgan Stanley, BNP Paribas, Bank of America and Goldman Sachs are the six institutions that signed, on July 15, an agreement with the electric company led by Miguel Stilwell d’Andrade for the sale of approximately 300 million new shares that will be placed on the market from July 23.
These banks, besides being responsible for placing the securities, have also committed themselves to keep the shares that may remain unsubscribed. And the percentage of these securities that each guarantor is already defined in the prospectus of the operation that EDP sent to the Securities Market Commission (CMVM).
BCP, JP Morgan and Morgan Stanley have each undertaken to guarantee 20% of the operation, i.e. they may, if no one decides to participate in the capital increase, pay around 200 million euros each to keep the securities. The other three banks each guarantee 13.33%.