By Paul A. Harris
Portland, Ore., March 21 - Spanish conglomerate Abengoa Finance SAU priced an upsized €500 million issue of non-callable seven-year senior notes (expected ratings B2/B/B+) at par to yield 6% on Friday, according to a market source.
The deal was increased from €400 million.
The yield printed at the tight end of the 6% to 6¼% yield talk.
Global coordinator and bookrunner HSBC will bill and deliver. Deutsche Bank and Morgan Stanley were also global coordinators and bookrunners. Bankia, Credit Agricole CIB, Natixis, Santander and SG CIB were also bookrunners.
Proceeds will be used to refinance €300 million of senior notes maturing in 2015 and to prepay other corporate debt.
Seville, Spain-based Abengoa has operations in energy, telecommunications, transportation and the environment.
| Issuer: | Abengoa Finance SAU
|
| Amount: | €500 million, increased from €400 million
|
| Maturity: | March 31, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | HSBC (bill and deliver), Deutsche Bank, Morgan Stanley (global coordinators), Bankia, Credit Agricole CIB, Natixis, Santander, SG CIB
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 487.9 bps
|
| Call protection: | Non-callable
|
| Trade date: | March 21
|
| Settlement date: | March 27
|
| Expected ratings: Moody's: B2
|
| Standard & Poor's: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6 ¼%
|
| Marketing: | Roadshow
|
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