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Obrascon pays fee to noteholders who approved resolutions in September
By Jennifer Chiou
New York, Dec. 12 - Obrascon Huarte Lain, SA announced that it has settled the consent fee payable to holders of its €523.75 million of outstanding 7 3/8% senior notes due 2015, €425 million of 8¾% senior notes due 2018 and €300 million of 7 5/8% senior notes due 2020 who voted to approve extraordinary resolutions at a meeting in September.
Noteholders were paid €15.00 per €1,000 principal amount of notes if they submitted a valid vote prior to the expiration time, 11 a.m. ET on Sept. 19.
At the end of September, the company said that holders approved resolutions related to Obrascon's sale of subsidiary Participes en Brasil to Abertis Infraestructuras SA and Brookfield Infrastructure.
In the sale, Abertis and Brookfield would acquire 51% and 49%, respectively, of Participes en Brasil in exchange for 10% of Abertis' outstanding share capital and €10.7 million in cash.
The company said that the fee was paid net of any Spanish withholding tax, at the rate of 21%.
For those not subject to the tax, the issuer said it will pay no later than Jan. 21 the amount withheld if the noteholders give notice.
As reported, Obrascon Huarte Lain commenced the consent solicitation on Aug. 21 to obtain noteholders approval for the sale and also to waive the requirement that at least 75% of the asset sale price be paid for in cash or cash equivalents.
Credit Suisse Securities (Europe) Ltd. (44 20 7883 8763) was the solicitation agent. Lucid Issuer Services Ltd. (44 0 20 7704 0880) was the tabulation agent.
Obrascon Huarte Lain is a Madrid, Spain-based construction and engineering company.
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