By Paul A. Harris
Portland, Ore., March 27 - Aldesa Financial Services SA priced a €250 million issue of seven-year senior secured notes (B2//B) at par to yield 7¼% on Thursday, according to a market source.
The yield printed at the tight end of the 7¼% to 7½% yield talk.
Joint global coordinator JPMorgan will bill and deliver. Santander was also a joint global coordinator. Banco Sabadell, Bankia and CaixaBank were bookrunners.
Proceeds will be used to refinance debt and for general corporate purposes.
Aldesa is a Madrid-based specialized infrastructure construction group primarily operating in Spain and Mexico.
| Issuer: | Aldesa Financial Services SA
|
| Amount: | €250 million
|
| Maturity: | April 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Banco Sabadell, Bankia, CaixaBank
|
| Co-lead manager: | BBVA
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 632 bps
|
| Price talk: | 7¼% to 7½%
|
| First call: | April 1, 2017 at 103.625
|
| Equity clawback: | 35% at 107.25 until April 1, 2017
|
| Trade date: | March 27
|
| Settlement date: | April 3
|
| Ratings: | Moody's: B2
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
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