Isolux Corsan starts roadshow for €400 million seven-year notes

By Paul A. Harris

Portland, Ore., March 10 - Madrid-based construction and engineering firm Grupo Isolux Corsan Finance BV began a roadshow on Monday in London for a €400 million offering of seven-year senior notes (expected ratings /B/B+), according to market sources.

The roadshow continues in London on Tuesday, moves to Paris and Amsterdam on Wednesday and to Frankfurt on Thursday.

The Rule 144A and Regulation S deal is expected to price thereafter.

Joint global coordinator Morgan Stanley will bill and deliver. BofA Merrill Lynch and SG CIB are also joint global coordinators. Santander, Bankia and Deutsche Bank are joint bookrunners. Banco Espirito Santo and Natixis are lead managers.

The notes come with three years of call protection.

Proceeds will be used to refinance bank debt.

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