New Issue: Obrascon prices €300 million eight-year notes at par to yield 7 5/8%

By Paul A. Harris

Portland, Ore., March 15 - Spain's Obrascon Huarte Lain SA priced a €300 million issue of eight-year senior notes (Ba2//BB-) at par to yield 7 5/8% on Thursday, according to market sources.

The yield printed in the middle of the 7½% to 7¾% yield talk.

Credit Suisse, Bank of America Merrill Lynch, Citigroup, Credit Agricole CIB, Banco Santander and Royal Bank of Scotland were the joint bookrunners.

Credit Suisse, the global coordinator, will bill and deliver.

The Madrid-based construction and engineering company plans to use the proceeds to fund a partial tender for its 7 3/8% notes due 2015.

Issuer:	Obrascon Huarte Lain SA
Amount:	€300 million
Maturity:	March 15, 2020
Securities:	Senior notes
Global coordinator:	Credit Suisse (bill and deliver)
Bookrunners:	Credit Suisse, Bank of America Merrill Lynch, Citigroup, Credit Agricole CIB, Banco Santander, Royal Bank of Scotland
Co-managers:	BBVA, Banesto, Bankia, Caixabank, ING, Natixis
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	605 bps
First call:	Callable on March 15, 2016 at 103.813
Trade date:	March 15
Settlement date:	March 27
Ratings:	Moody's: Ba2
	Fitch: BB-
Distribution:	Regulation S only
Price talk:	7½% to 7¾%
Marketing:	Quick to market

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