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Obrascon tenders for €303 million of notes by modified Dutch auction
By Susanna Moon
Chicago, Oct. 7 – Obrascon Huarte Lain, SA said it began a cash tender offer for up to €303 million of three series of notes, with pricing to be set under a modified Dutch auction.
The company is tendering for its €300 million 7 5/8% senior notes due 2020, €400 million 4¾% senior notes due 2022 and €325 million 5½% senior notes due 2023.
Obrascon will accept notes in the following order:
• Any and all 2020 notes non-competitive tender instructions;
• 2020 notes competitive tender instructions up to the cap less the aggregate principal amount of 2020 notes non-competitive tender instructions; and
• An aggregate principal amount of up to the cap less the aggregate principal amount of 2020 notes non-competitive tender instructions.
The minimum purchase price for the 7 5/8% notes will be 101% of par.
The tender offer will end at 11 a.m. ET on Oct. 21.
Settlement has been set for Nov. 10, and the financing condition is expected to be satisfied by Nov. 4.
The offers will provide a degree of liquidity to those holders whose notes are accepted for purchase and also reduce overall leverage using part of the proceeds from the issue of new shares, according to a company notice.
The target acceptance amount is €303 million, but the company said it may raise or lower that amount.
BofA Merrill Lynch (+44 0 207 995 3715, +44 0 207 995 2324, Chris Dodman or christopher.dodman@baml.com Toll: +44 (0) 20 7996 5698) is the dealer manager. Lucid Issuer Services Ltd. (+44 0 20 7704 0880, David Shilson/ Victor Parzyjagla, ohl@lucid-is.com) is the tender agent.
The company said it will announce the results of the tender offer on Oct. 30.
Obrascon Huarte Lain is a Madrid, Spain-based construction and engineering company.
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