Obrascon Huarte Lain tenders for €300 million 7 3/8% notes at 105.5

By Susanna Moon

Chicago, March 15 - Obrascon Huarte Lain, SA said it began a cash tender offer for up to €300 million of its €700 million of 7 3/8% notes due 2015.

The company will pay 105.5% of par for notes tendered by the offer expiration at 10 a.m. ET on March 23.

The offer is expected to settle on March 27.

If the amount of tendered notes exceeds the offer cap, they will be purchase on a pro rata basis.

The rationale for the offers is to proactively address the company's debt redemptions and to extend the average maturity of its debt, according to a company press release.

Credit Suisse (+44 (0)207 883 8763, attn: Andrew Burton, e-mail: liability.management@credit-suisse.com) is the lead dealer manager.

The other dealer managers are Banco Bilbao Vizcaya Argentaria, SA (+44 (0)207 648 7516, attn: liability management, or e-mail: liabilitymanagement@grupobbva.com), Banesto (+34 91 388 3275 or fax +34 91 388 0881, attn.: Javier Orgaz, or e-mail: jorgazfe@banesto.es), Bankia, SA (e-mail: rbenede@bankia.com, afernandezd@bankia.com, jpoblet@bankia.com), Bank of America Merrill Lynch (+44 (0)207 995 3715 or +44 (0)207 995 2324, attn: John Cavanagh/Tommaso Gros-Pietro, e-mail: john.m.cavanagh@baml.com or tommaso.gros-pietro@baml.com), CaixaBank (+34 91 700 5610 or +34 60 917 9757, attn: Antonio Sanz Pastor, or e-mail: asanzpastor@lacaixa.es), Citigroup (+44 (0)207 986 8969, attn: liability management group, e-mail: liabilitymanagement.europe@citi.com), Credit Agricole CIB (+44 (0)207 214 7408, attn: Steve Sahara/Annabel Daws-Chew, or e-mail: steve.sahara@ca-cib.com, annabel.daws-chew@ca-cib.com), ING (+44 (0)207 767 7738, attn: debt capital markets - high yield, e-mail: hy@uk.ing.com), Natixis (+34 91 791 7538, attn: Jesus Saez), Santander Global Banking & Markets (+34 91 257 2028 or +34 91 257 2117, e-mail: aramon@gruposantander.com, mwfgdhaene@gruposantander.com), Societe Generale Corporate & Investment Banking (+44 (0)207 676 7579, attn.: Vijay Raman, e-mail: liability.management@sgcib.com) and Royal Bank of Scotland (+44 (0)207 085 5991, attn: Ally Richardson, e-mail: liabilitymanagement@rbs.com).

Lucid Issuer Services Ltd. (+44 (0)207 704 0880, attn: David Shilson/Sunjeeve Patel, or e-mail: ohl@lucid-is.com) is the tender agent.

The issuer is a Madrid, Spain-based construction and engineering company.

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