Atlantica Yield withdraws $300 million offering of senior notes, cites market conditions

By Paul A. Harris

Portland, Ore., Nov. 20 – Atlantica Yield plc announced in a Tuesday press release that it will not proceed with its $300 million offering of senior notes.

The decision was a response to broader market conditions, the company stated.

The company had marketed eight-year notes with three years of call protection during an investor roadshow in the Nov. 12 week, according to market sources.

At the conclusion of the roadshow, no official price talk surfaced. However early yield guidance was in the low-to-mid 6% area.

Alternate structures and higher pricing had been under consideration, sources said on Monday.

BofA Merrill Lynch was the bookrunner.

The Brentford, England-based renewable energy and infrastructure company planned to use the proceeds to take out its 7% senior notes due 2019 and for general corporate purposes, including acquisitions of assets.

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