By Paul A. Harris
Portland, Ore., Dec. 6 - Abengoa Finance SAU priced an upsized $450 million issue of non-callable six-year senior notes (expected ratings B2/B/B+) at par to yield 7¾% on Friday, according to syndicate sources.
The issue was upsized from $400 million.
The yield printed at the tight end of the 7¾% to 8% yield talk.
Joint bookrunner BofA Merrill Lynch will bill and deliver for the Rule 144A for life and Regulation S offering. HSBC, Credit Agricole CIB and Natixis were also joint bookrunners.
The Seville, Spain-based company plans to use the proceeds to refinance debt.
Abengoa has interests in the energy, telecommunications, logistics and environmental sectors.
| Issuer: | Abengoa Finance, SAU
|
| Amount: | $450 million, increased from $400 million
|
| Maturity: | Feb. 1, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch (bill and deliver), HSBC Securities (USA) Inc., Credit Agricole CIB, Natixis Securities Americas LLC
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 555 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 13
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Fitch: B+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Roadshow
|
© 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.
