By Paul A. Harris
Portland, Ore., March 19 – Spanish construction and concessions group Obrascon Huarte Lain SA (OHL) priced a downsized €325 million issue of 5½% eight-year senior notes (B1//BB-) at 93.866 to yield 6½%, according to a market source.
The deal was reduced from €425 million.
The yield printed at the wide end of the 6¼% to 6½% final yield talk.
That final talk had been moved out from earlier talk in the 6% area, according to market sources, who added that the first official talk had the deal coming at 5½% to 5¾%.
Joint global coordinator and joint physical bookrunner Credit Suisse will bill and deliver. Royal Bank of Scotland and UBS were also joint global coordinators and joint physical bookrunners.
The Madrid-based company plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Obrascon Huarte Lain SA (OHL)
|
| Amount: | €325 million, decreased from €425 million
|
| Proceeds: | €305 million
|
| Maturity: | March 15, 2023
|
| Securities: | Senior notes
|
| Joint global coordinators and physical bookrunners: | Credit Suisse (bill and deliver), Royal Bank of Scotland, UBS
|
| Coupon: | 5½%
|
| Price: | 93.866
|
| Yield: | 6½%
|
| Spread: | 647 bps
|
| First call: | March 15, 2018 at 104.125
|
| Trade date: | March 19
|
| Settlement date: | March 31
|
| Ratings: | Moody’s: B1
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 6¼% to 6½%, revised from 6% area, revised from 5½% to 5¾%
|
|
|
|
|
© 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.
