Sacyr accepts €205.4 million tendered notes for purchase at par

By Marisa Wong

Los Angeles, March 16 – Sacyr, SA announced the results of its March 6 any-and-all tender offer for €300.9 million of outstanding notes (ISIN: XS2325693369) issued in multiple tranches.

Sacyr will accept all €205.4 million of tendered notes for purchase for cash at par, according to an announcement on Thursday.

Accrued interest will also be paid to the settlement date.

The notes have a current coupon of 3.25%. Outstanding at the start of the offer were the €52.3 million of notes issued on March 23, 2021, €156.3 million issued on Oct. 21, 2021, €48.3 million issued on May 24, 2022, €10 million issued on May 31, 2022 and €34 million issued on June 14, 2022.

The company is offering new notes due March 23, 2026 with a coupon that is being talked in the 6.3% area. The sale of the new notes constitutes a new financing condition for the tender offer. The notes were expected to price on March 14.

The tender offer expired at 11 a.m. ET on March 15.

Settlement is planned for March 23.

Banca March, SA is the dealer manager (+34 91 324 515, acasal@bancamarch.es, psacristan@bancamarch.es, lojaume@bancamarch.es).

Issuer Solutions, SL is the tender agent (+34 963 222 555, projects@issuersolutions.com).

Sacyr is a Madrid-based construction company.

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