By Paul A. Harris
St. Louis, Oct. 19 - Abengoa Finance, S.A.U. priced an upsized $650 million issue of non-callable 8 7/8% seven-year senior notes (Ba3/B+/) at 98.095 to yield 9¼% on Tuesday, according to an informed source.
The yield printed 12.5 basis points beyond the wide end of the 9% area price talk.
Credit Suisse, Citigroup, Deutsche Bank Securities and Bank of America Merrill Lynch were the joint bookrunners for the issue, which was upsized from $600 million.
Proceeds will be used for general corporate purposes and capital expenditures for a project pipeline.
The issuing entity is a financing unit of Abengoa SA, a Seville, Spain-based multinational conglomerate that has operations in the energy, telecommunications, transportation and environmental sectors.
| Issuer: | Abengoa Finance, S.A.U. (Abengoa, SA)
|
| Face amount: | $650 million, increased from $600 million
|
| Proceeds: | $637.62 million (approximate)
|
| Maturity: | Nov. 1, 2017
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse, Citigroup, Deutsche Bank Securities, Bank of America Merrill Lynch
|
| Coupon: | 8 7/8%
|
| Price: | 98.095
|
| Yield: | 9¼%
|
| Call protection: | Non-callable (Make-whole at Treasuries plus 50 bps)
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 28
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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