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Condotte d’Acqua postpones downsized €200 million notes offering
By Paul A. Harris
Portland, Ore., May 7 – Italian construction company Societa Italiana per Condotte d'Acqua SpA postponed its downsized €200 million offering of seven-year senior notes (B2/expected B+), according to market sources.
The deal, which was downsized from €300 million on Wednesday and was talked to yield in the 8½% area – up from earlier guidance in the mid-6% range – had not been well received by investors, a source said.
Banca IMI, Banca Akros and Barclays were the joint bookrunners.
The Rome-based company had planned to use the proceeds to refinance debt.
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