Aldesa postpones €300 million offering of seven-year secured notes, cites market conditions

By Paul A. Harris

Portland, Ore., May 4 – Aldesa Agrupacion Empresarial, SAU postponed its €300 million offering of seven-year senior secured notes (B2//B) on Friday due to unsatisfactory market conditions, according to market sources.

The deal was talked earlier in the week to yield 8¾% to 9%. An execution at the wide end of that talk would have placed the Madrid-based engineering and construction services firm among an exclusive 1% of euro-denominated issuers that have paid a coupon of 9% or higher since the beginning of 2017, according to Prospect News data.

JPMorgan had the lead on Aldesa's postponed deal.

Proceeds were to have been used to refinance Aldesa's 7¼% senior secured notes due 2021.

© 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.