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Aldesa postpones €300 million offering of seven-year secured notes, cites market conditions
By Paul A. Harris
Portland, Ore., May 4 – Aldesa Agrupacion Empresarial, SAU postponed its €300 million offering of seven-year senior secured notes (B2//B) on Friday due to unsatisfactory market conditions, according to market sources.
The deal was talked earlier in the week to yield 8¾% to 9%. An execution at the wide end of that talk would have placed the Madrid-based engineering and construction services firm among an exclusive 1% of euro-denominated issuers that have paid a coupon of 9% or higher since the beginning of 2017, according to Prospect News data.
JPMorgan had the lead on Aldesa's postponed deal.
Proceeds were to have been used to refinance Aldesa's 7¼% senior secured notes due 2021.
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