Condotte d’Acqua downsizes to €200 million, talks seven-year notes to yield in 8½% area

By Paul A. Harris

Portland, Ore., May 6 – Italian construction company Societa Italiana per Condotte d'Acqua SpA downsized its offering of seven-year senior notes (B2/expected B+) to €200 million from €300 million, according to a market source.

The notes are talked to yield in the 8½% area and are expected to price Thursday.

Global coordinator Credit Suisse will bill and deliver for the Rule 144A and Regulation S for life offering. UniCredit is also a global coordinator.

Banca IMI, Banca Akros and Barclays are joint bookrunners

The notes come with three years of call protection.

The Rome-based company plans to use the proceeds to refinance debt. With the downsizing of the bond deal the amount of debt repayment will be reduced proportionally.

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