Spain's Isolux Corsan upsizes to €600 million, talks seven-year notes to yield in 6 5/8% area

By Paul A. Harris

Portland, Ore., March 13 - Grupo Isolux Corsan Finance BV upsized its offering of seven-year senior notes (/B/B+) to €600 million from €400 million and talked the notes to price in the 6 5/8% area, market sources said on Thursday.

Final terms are expected shortly.

Joint global coordinator Morgan Stanley will bill and deliver. BofA Merrill Lynch and SG CIB are also joint global coordinators. Santander, Bankia and Deutsche Bank are joint bookrunners. Banco Espirito Santo and Natixis are lead managers.

The notes come with three years of call protection.

Proceeds will be used to refinance bank debt.

The prospective issuer is a Madrid-based construction and engineering company.

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