Avanza Spain sets price talk for €490 million two-part note offering

By Paul A. Harris

Portland, Ore., May 22 - Transportation services provider Avanza Spain SAU set price talk for its €490 million two-part offering of high-yield notes, a market source said on Wednesday.

A €315 million tranche of five-year senior secured notes (B1/B+), which come with two years of call protection, is talked to yield 7½% to 7¾%. The secured notes are coming via special purpose vehicle financing unit AG Spring Finance Ltd.

Meanwhile AG Spring Finance II Ltd. is offering €175 million of six-year senior unsecured notes (B2/B-), which come with three years of call protection and are talked to yield 9½% to 9¾%.

The deal is set to price on Thursday.

Goldman Sachs, JPMorgan and UniCredit are the lead managers.

Proceeds will be used to refinance bank debt.

The company is based in Madrid.

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