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Carbures doubles its Company capital in a commitment to growth

Carbures doubles its Company capital in a commitment to growth

“Remove the burden of liabilities, make the Company cleaner and, from a new position, boost its growth and consolidation", said Carbures’s Executive President, Rafael Contreras, at the extraordinary general meeting last Thursday. By this new financial process, the Company doubles his Company capital, overcoming already 100 million euros.

This is an operation approved by the shareholders that transforms the debt into equity and capitalizes credits for a total of 55 million euros in a firm commitment of the investors towards Carbures. The Company will have 115,047,401 new shares which will be equal to the existing ones, placing the Company in a "reinforced financial position, with little debt and with very good industrial perspectives", affirms Contreras.

This good news adds up to the recent refinancing of bank debt and the increase in current financing lines. The figures will go from 103.43 million euros of net debt on June 30, 2016 (plus a 10 million injection by BTC in September), to 56.41 million after the capital increase. It is a reasonable debt at a moment when shareholders increase their support to Carbures by converting their credits into shares.

After this operation, Black Toro Capital became the majority shareholder and the maximum creditor of the Company, with a 49 percent stake. This has been BTC’s main investment in Spain, 50 million euros in Carbures. On the other hand, Rafael Contreras, Executive Chairman of the Company, will have an 8.75 percent stake of Carbures’s capital.

Ramón Betolaza, Managing Partner of Black Toro Capital, affirms: "A strong commitment to the Company, we want to demonstrate that we have come to stay for a long period of time." Rafael Contreras appreciates this stability, as it "guarantees the plan designed by Carbures for the upcoming years".

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