Dragados offers to buy up to €250 million 1.875% green notes due 2026

By Marisa Wong

Los Angeles, Nov. 21 – Dragados SA announced an invitation to holders of its outstanding €750 million 1.875% green notes due April 20, 2026 (ISIN: XS1799545329) to tender their notes for purchase for cash.

Dragados is offering to purchase up to €250 million of the notes, according to a notice.

The purchase price will be calculated using the April 2026 interpolated mid-swap rate and a purchase spread of 135 basis points.

The company will also pay accrued interest.

The company has the right to increase the maximum acceptance amount at its discretion. Tendered notes may be subject to proration.

The offer expires 11 a.m. ET on Nov. 25.

Notes may be accepted for purchase on Nov. 28. Pricing will also take place that day.

Settlement is expected to occur on Nov. 30.

Notes repurchased under the offer will be cancelled.

Banco Bilbao Vizcaya Argentaria, SA (+44 20 7397 6029, +44 20 7397 7682; liabilitymanagement@bbva.com) and Natixis (+33 1 58 55 05 56; liability.management-corporate@natixis.com) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; dragados@is.kroll.com; https://deals.is.kroll.com/dragados) is the tender agent.

The construction engineering company is based in Madrid.

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