By Paul A. Harris
Portland, Ore., March 5 - Madrid-based civil engineering and construction firm Obrascon Huarte Lain SA priced an upsized €400 million quick-to-market issue of eight-year senior notes (expected ratings Ba3//BB-) at par to yield 4¾% on Wednesday, according to a market source.
The deal was upsized from €300 million.
The yield printed at the tight end of the 4¾% to 5% yield talk.
BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse, Royal Bank of Scotland, SG CIB and UBS were the joint bookrunners.
Credit Suisse will bill and deliver.
Proceeds will be used for general corporate purposes, which may include debt repayment.
| Issuer: | Obrascon Huarte Lain, SA
|
| Amount: | €400 million
|
| Maturity: | March 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse, Royal Bank of Scotland, SG CIB, UBS
|
| Bill and deliver: | Credit Suisse
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 335 bps
|
| First call: | March 15, 2018 at 102.375
|
| Trade date: | March 5
|
| Settlement date: | March 17
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Regulation S only
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Quick to market
|
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