By Rebecca Melvin
New York, Oct. 23 - OHL Investments SA, a wholly owned subsidiary of Spain's Obrascon Huarte Lain SA, priced an upsized €100 million of 4% bonds exchangeable into ordinary shares of Obrascon Mexico SAB de CV at 102% of par, according to a news release.
The Regulation S add-on was initially talked at €75 million in size and came at the high end of the 100% to 102% talk for pricing of the principal amount of the bonds plus interest from Oct. 25 to the closing date. The interest accrued by each bond from Oct. 25 to closing is €65.93.
The bonds due April 25, 2018 are an add-on to an existing issue of €300 million of the bonds priced last April. UBS Investment Bank was lead manager of the add-on.
The exchange price is €2.7189 per each share of OHL Mexico. The company can settle exchanges in Obrascon Mexico shares, cash or a combination of cash and shares.
The company plans to list the bonds on the Frankfurt Stock Exchange.
Obrascon Huarte Lain is a Madrid-based construction and engineering company.
| Issuer: | OHL Investments SA
|
| Guarantor: | Obrascon Concesiones SAU
|
| Issue: | Exchangeable bonds
|
| Amount: | €100 million, upsized from €75 million
|
| Maturity: | April 25, 2018
|
| Bookrunner: | UBS Investment Bank
|
| Coupon: | 4%
|
| Price: | 102% of €100,000 par
|
| Initial conversion price: | €2.7189 per each share of OHL Mexico
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 31
|
| Price talk: | 100% to 102% of par
|
| Distribution: | Regulation S
|
| Original issue: | €300 million priced in April 2013
|
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