Spain’s OHL will sell Euro 1 billion (US$1.1 billion) of new shares this fall to help lift the company out of a plague of financial problems and to recover the investment grade rating of its corporate debt. UBS, JP Morgan Chase, Merrill Lynch and Société Genérale have been selected to handle the placement of new shares.

OHL, S.A. says proceeds it obtains from the planned capital increase will be used to reduce debt by Euro 650 million (US$728 million) and to inject Euro 350 million (US$392 million) of capital into its concessions unit, OHL Concesiones.