Link Securities| Most of Naturgy’s debt, which is around €12,000 million, is subject to a clause relating to the change of control, either by acquiring more than 50% of the voting shares or by obtaining the right to appoint the majority of the members of the Board of Directors of Naturgy, according to Expansión. According to the newspaper, Abu Dhabi-based energy company TAQA, which is finalising its takeover bid for NTGY, will have to negotiate the loans with the banks and the bonds with the funds.
Change of control clauses in the financing of a company are common in most companies. With them, banks and bondholders try to cover possible risks in case of financial upheavals of the group to which they have lent the money, in case of corporate operations that deteriorate its economic and operational ratios.
