New Issue: Obrascon Huarte Lain prices €700 million five-year notes at par to yield 7 3/8%

Paul A. Harris

St. Louis, April 16 - Obrascon Huarte Lain, SA priced a €700 million issue of five-year senior unsecured notes (expected Ba1//BB-) at par to yield 7 3/8% on Friday, according to informed sources.

The yield printed on top of price talk that had tightened from previous talk in the 7½% area.

Credit Agricole Corporate & Investment Banking, Citigroup, RBS Securities, Santander and SG Corporate & Investment Banking were the bookrunners.

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

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

Issuer:	Obrascon Huarte Lain, SA
Amount:	€700 million
Maturity:	April 28, 2015
Securities:	Senior unsecured notes
Bookrunners:	Credit Agricole Corporate & Investment Banking, Citigroup, RBS Securities, Santander, SG Corporate & Investment Banking
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Spread:	523.2 bps
Call protection:	Non-callable (make-whole at Bunds plus 50 bps)
Trade date:	April 16
Settlement date:	April 28
Expected ratings:	Moody's: Ba1
	Fitch: BB-
Distribution:	Regulation S only
Price talk:	7 3/8% area, revised from 7½% area
Marketing:	Roadshow

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