Obrascon Huarte Lain starts up to €300 million exchange offer

By Jennifer Chiou

New York, April 8 - Obrascon Huarte Lain SA announced the start of an offer to issue new euro-denominated fixed-rate senior notes in exchange for up to €300 million of its €600 million of existing securities with ISIN XS0299486745.

The existing 6¼% corporate bonds due 2012 will be exchanged at 101.5%. Holders will also receive accrued interest.

The exchange will end at 10 a.m. ET on April 15.

The new notes will mature in 2015 and will be issued in denominations of €50,000.

The company added that it may increase the exchange cap.

Settlement is anticipated for April 28.

The joint dealer managers are Banco Santander, SA (34 91 257 2026), Credit Agricole Corporate and Investment Bank (44 20 7214 7408), the Royal Bank of Scotland plc (44 20 7085 6354) and Societe Generale (44 20 7676 7579). The exchange agent is Lucid Issuer Services Ltd. (44 20 7704 0880).

The Madrid-based company is primarily engaged in the construction of highways.

© 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.