By Paul A. Harris
Portland, Ore., June 26 – Grupo Isolux Corsan Finance BV priced an upsized €250 million add-on to its 6 5/8% senior notes due April 15, 2021 (/B/B+) at 102.25 to yield 6.072% in a quick-to-market Thursday transaction.
The deal was upsized from €200 million.
The reoffer price came on top of price talk.
Joint bookrunner Morgan Stanley will bill and deliver. SG CIB and Santander were also joint bookrunners.
The Madrid-based construction and engineering company plans to use the proceeds to repay bank debt and put cash on its balance sheet.
| Issuer: | Grupo Isolux Corsan Finance BV
|
| Amount: | €250 million, increased from €200 million
|
| Maturity: | April 15, 2021
|
| Security description: | Add-on to 6 5/8% senior notes due April 15, 2021
|
| Bookrunner: | Morgan Stanley (bill and deliver), SG CIB, Santander
|
| Coupon: | 6 5/8%
|
| Price: | 102.25
|
| Yield: | 6.072%
|
| Trade date: | June 26
|
| Settlement date: | July 1 with accrued interest
|
| Ratings: | Standard & Poor's: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 102.25 area
|
| Marketing: | Quick to market
|
| Original issue: | €600 million issue priced at par on March 13, 2014
|
| Total issue size: | €850 million
|
© 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.
