Spain's Obrascon upsizes to €400 million, talks eight-year notes to yield 4¾%-5%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 5 - Madrid-based civil engineering and construction firm Obrascon Huarte Lain SA upsized its quick-to-market offering of eight-year senior notes (expected ratings Ba3//BB-) to €400 million from €300 million and talked the notes to yield 4¾% to 5% on Wednesday, according to a market source.

The deal is expected to price shortly.

BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse, Royal Bank of Scotland, SG CIB and UBS are the joint bookrunners.

Credit Suisse will bill and deliver.

The notes come with four years of call protection.

Proceeds will be used for general corporate purposes, which may include debt repayment.

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