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Obrascon Huarte Lain widens talk to 6% on €425 million eight-year notes; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 17 – Spanish construction and concessions group Obrascon Huarte Lain SA (OHL) hiked the yield talk for its €425 million offering of eight-year senior notes (B1//BB-) to 6% from earlier talk of 5½% to 5¾%, a London sellside source said on Wednesday.
The Regulation S only deal had initially been expected to price on Tuesday, after the earlier talk had circulated, but remained in the market overnight.
Joint global coordinator and joint physical bookrunner Credit Suisse will bill and deliver. Royal Bank of Scotland and UBS are also joint global coordinators and joint physical bookrunners.
The notes become callable after three years at par plus 75% of the coupon.
The Madrid-based company plans to use the proceeds to refinance debt and for general corporate purposes.
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