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Obrascon holders opt to put €228.25 million of 7 5/8%, 4¾%, 5½% notes
By Sarah Lizee
Olympia, Wash., May 14 – Obrascon Huarte Lain, SA said noteholders opted to put a total of €228,249,000 of its 7 5/8%, 4¾% and 5½% notes, according to three separate company notices.
The notes are putable at 101% plus accrued interest up to but excluding the put date of May 19.
The following will be redeemed on May 21:
• €113,774,000 of its €187,079,000 outstanding 7 5/8% senior notes due 2020, resulting in a total outstanding amount of €73,305,000;
• €71,481,000 of its €394.5 million outstanding 4¾% senior notes due 2022, resulting in a total outstanding amount of €323,019,000; and
• €42,994,000 of its €312,863,000 outstanding 5½% senior notes due 2023, resulting in a total outstanding amount of €269,869,000.
As previously reported, the put options were triggered under the note terms because the issuer agreed to the sale of 100% of the issued share capital of its subsidiary OHL Concesiones, SAU to IFM Global Infrastructure Fund, which constitutes a change of control under the note terms.
Obrascon Huarte Lain is a Madrid-based construction and engineering company.
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