Obrascon Huarte Lain holders of three note series approve resolutions

By Toni Weeks

San Diego, Sept. 24 - Obrascon Huarte Lain, SA announced that holders of its outstanding €523.75 million of 7 3/8% senior notes due 2015, €425 million of 8¾% senior notes due 2018 and €300 million of 7 5/8% senior notes due 2020 approved at meetings held Monday for each note series resolutions related to Obrascon's pending sale of subsidiary Participes en Brasil to Abertis Infraestructuras SA and Brookfield Infrastructure, according to a company news release.

In the sale, Abertis and Brookfield would acquire 51% and 49%, respectively, of Participes en Brasil in exchange for 10% of Abertis' outstanding share capital and €10.7 million in cash.

Obrascon Huarte Lain commenced a consent solicitation on Aug. 21 to obtain noteholders approval for the sale and also to waive the requirement that at least 75% of the asset sale price be paid for in cash or cash equivalents.

Noteholders will be paid €15 per €1,000 principal amount of notes if they submitted a valid vote prior to the expiration time, 11 a.m. ET on Sept. 19. Payment is expected no later than three business days following the announcement of the results.

Credit Suisse Securities (Europe) Ltd. (44 20 7883 8763) was the solicitation agent. Lucid Issuer Services Ltd. (44 0 20 7704 0880) was the tabulation agent.

Obrascon Huarte Lain is a Madrid, Spain-based construction and engineering company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.