SOLVAY ISIN XS0254808214
He estado leyendo el folleto de unas participaciones preferentes de Solvay Isin XS021496540, comentadas en diversas ocasiones, y me surge una duda:
- En la información que he leido por aquí (blog de Francisco LLinares), se decía:
PARTICIPACIONES PREFERENTES PERPETUAS DE SOLVAY
Código ISIN XS0254808214 - Nominal de 1.000 euros
Paga un cupón anual el 2 de Junio.
El interés anual es el 6.375% hasta el 2 de junio del 2016, a partir de esa fecha, si no amortiza pagará el Euribor a 3 meses más un 3.35%
- Ahora bien, en el folleto, dice, textualmente (poniendo "prospectus XS0254808214" en google lo podéis ver):
"The Issuer may, at its option, elect not to pay interest in respect of the Bonds, in which case any such interest shall be deferred and constitute
"Outstanding Amounts". Outstanding Amounts will bear interest at the rate of interest then applicable to the Bonds. Outstanding Amounts and
interest accrued thereon shall be payable upon the occurrence of an Outstanding Amount Payment Event (as such term is defined in “Terms and
Conditions of the Bonds – Definitions”) or if the Issuer so decides. In such case, the Guarantor shall initiate the alternative coupon satisfaction
mechanism ("ACSM") by (i) issuing and/or selling, or causing the Issuer to issue and/or sell, ordinary shares up to a maximum amount of 2 per
cent. of the Guarantor’s aggregate outstanding issued share capital (such maximum amount shall not apply if the Guarantor exercises the ACSM in
respect of Outstanding Amounts which have been deferred for a period of less than 12 months) and/or (ii) issuing, or causing the Issuer to issue,
certain eligible securities in a maximum aggregate amount of up to 25 per cent. of the aggregate principal amount of the Bonds. If the Guarantor
fails to raise, or cause the Issuer to raise, proceeds under the ACSM which are equal to the Outstanding Amounts and interest accrued thereon the
claims of the Bondholders in respect of the shortfall shall be cancelled and the non-payment by the Issuer of such shortfall shall not constitute a
default."
Lo que con mi paupérrimo inglés, traducción libre, interpreto que los intereses no pagados te los deben y se acumulan, lo que se asemejaría más a un bono que a una participación preferente.
¿Estoy en lo cierto o se me escapa algo?
Un saludo,
Juan