PRISA reduces debt by 704 million euros

The group is to delist from the NYSE

PRISA has reduced its debt, in the past four months, by 704 million euros through a series of operations. The company today announced to Spain’s market regulator, the CNMV, the repurchase of more than 133 million euros of debt at a discount of € 0.25 per euro. This repurchase is in addition to that already announced on May 22 for the amount of 165 million euros (at a rate of 72.38%), and on August 7 of more than 406 million euros (at a rate of 74.95%).

PRISA has also announced the start of the proceedings to delist its ADSs (American Depositary Shares) from the New York Stock Exchange (NYSE) and to deregister the company from the US Securities and Exchange Commission. The company intends to maintain its ADR program in the USA, which will continue to trade on the OTC (Over-the-Counter) market.

The Board of Directors of PRISA has taken the step based, among other factors, on its assessment of the relatively low trading volume of its securities in US, the final conversion of Class B non-voting shares into Class A common stock, and the resulting cost savings.

PRISA estimates that the delisting of the ADSs will become effective on September 22, with this being the last day of trading on the New York Stock Exchange.

PRISA Class A common shares will continue to trade on the secondary markets in Spain (Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia, and through the Spanish Stock Exchange Interconnection System -- SIBE). PRISA will, therefore, remain subject to the duties of disclosure and transparency, and the obligations of Spanish corporate governance and accounting standards.