Obrascon greenshoe lifts five-year exchangeable bonds to €300 million

By Toni Weeks

San Luis Obispo, Calif., April 4 - Obrascon Huarte Lain SA said that underwriters for the 4% bonds issued by the company's wholly owned subsidiary, OHL Investments SA, exercised their over-allotment option in full, raising total proceeds to €300 million.

JPMorgan and UBS Investment Bank are the joint lead managers.

As previously reported, the bonds, which are due in 2018, are exchangeable into ordinary shares of Obrascon Mexico SAB de CV to yield 4% and have a 25% initial conversion premium over the volume-weighted average price for Obrascon Mexico shares.

The Regulation S exchangeables, which will be guaranteed by Obrascon Concesiones SAU, were upsized from €250 million to €275 million before the greenshoe exercise.

Obrascon Huarte Lain is a Madrid-based construction and engineering company.

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