Obrascon holders tender €32.06 million of 7 5/8% notes due 2020 at 98

By Susanna Moon

Chicago, March 4 – Obrascon Huarte Lain, SA said investors had tendered €32,058,000 of its €300 million 7 5/8% senior notes due 2020.

Obrascon will accept all of the tendered notes for purchase at 98% of par, according to a company press release.

After settlement on March 9, there will be €230,359,000 of the notes left outstanding.

Obrascon said on Feb. 24 that it was tendering for its €300 million of the notes at 98% of par until 11 a.m. ET on March 3.

The company also will pay accrued interest to but excluding the settlement date.

Goldman Sachs International and Merrill Lynch International are the joint dealer managers. Lucid Issuer Services Ltd. is the tender agent.

The offer “falls within OHL’s policy to reduce recourse debt and means a second liquidity window for this issuing’s noteholders after the tender offer issued on Oct. 7 alongside the capital increase,” the company said in a previous press release.

Obrascon said on Oct. 29 that it accepted tenders for €37,583,000 of the 7 5/8% notes at a purchase price of 104 in the cash offer that began Oct. 7 for up to €303 million of three series of notes. The tender offer ended at 11 a.m. ET on Oct. 21.

In addition to the 7 5/8% notes, the company was tendering for its €400 million 4¾% senior notes due 2022 and €325 million 5½% senior notes due 2023.

The company accepted €8,137,000 of the 5½% notes and none of the tendered 4¾% notes.

Pricing was set under a modified Dutch auction. The purchase price was 93.94 for the 5½% notes.

Obrascon Huarte Lain is a Madrid, Spain-based construction and engineering company.

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