By Paul A. Harris
St. Louis, Nov. 20 - Spanish alternative energy firm Abengoa priced a €250 million issue of unrated 9 5/8% five-year notes at 98.517 to yield 10%, an informed source said on Friday.
The issue priced at the tight end of the 10% to 10¼% price talk.
BNP Paribas, Deutsche Bank, Santander and SG Corporate & Investment Banking were joint bookrunners.
The coupon will step up by 125 basis points if the notes do not receive ratings from two ratings agencies within 12 months.
Proceeds will be used for general corporate purposes.
| Issuer: | Abengoa
|
| Face amount: | €250 million
|
| Proceeds: | €246,293,000 (approximate)
|
| Maturity: | Feb. 25, 2015
|
| Securities: | Senior secured notes
|
| Bookrunners: | BNP Paribas, Deutsche Bank, Santander, SG Corporate & Investment Banking
|
| Coupon: | 9 5/8% (125 bps step-up in 12 months if not rated by two ratings agencies)
|
| Price: | 98.517
|
| Yield: | 10%
|
| Call protection: | Non-callable
|
| Settlement date: | Dec. 1
|
| Ratings: | Non-rated
|
| Price talk: | 10% to 10¼%
|
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