Abengoa Seeks to Raise $522 Million by Offering ADRs on Nasdaq

Abengoa SA, the largest developer of solar-thermal power plants, is seeking to raise about 385 million euros ($522 million) by offering American depositary receipts that will trade on the Nasdaq Stock Market.

The company, based in Seville, Spain, plans to offer 182.5 million ADRs, according to a filing with the U.S. Securities and Exchange Commission today. It estimated the value of the offering on yesterday’s closing price of its Class B shares of 2.19 euros, minus fees. Each ADR will be worth five Class B shares traded in Spain.

The company will use the proceeds to repay debt and shore up its balance sheet, according to the filing. Abengoa’s market value has declined 7.2 percent this year to 1.2 billion euros.

Citigroup Inc., HSBC Holdings Plc, Banco Santander SA, Bank of America Corp., Cannacord Genuity Group Inc. and Societe General SA are underwriting the offering.