Spain's Obrascon Huarte Lain tightens talk on benchmark five-year eurobond to 7 3/8% area

By Paul A. Harris

St. Louis, April 15 - Obrascon Huarte Lain SA tightened price talk on its benchmark-sized euro-denominated offering of five-year senior unsecured notes (Ba1/BB-) to the 7 3/8% area from the previous 7½% area price talk, an informed source told Prospect News on Thursday.

The final size of the Regulation S deal will be announced on Friday.

The deal will launch and price shortly after that.

Santander, Citigroup, Credit Agricole, RBS and SG Corporate & Investment Banking are the joint bookrunners.

The notes will be non-callable.

Proceeds will be used to repay revolver debt and for general corporate purposes.

The Madrid, Spain-based construction and engineering company is concurrently in the market with an exchange offer for up to €300 million of its 5% notes due 2012.

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