Webuild talks €400 million five-year bullet notes in 7 3/8% area; books close Wednesday

By Paul A. Harris

Portland, Ore., Sept. 20 – Webuild SpA talked its €400 million offering of five-year senior bullet notes (expected ratings BB/BB) in the 7 3/8% area, according to a market source.

Official talk comes in line with initial guidance in the low-7% area.

Books were set to close during the London afternoon.

BofA Securities, BNP Paribas, Goldman Sachs International, HSBC, IMI - Intesa Sanpaolo, Natixis and UniCredit are managing the sale.

The Rome-based construction and civil engineering group plans to use proceeds from the Regulation S offering to repay debt, including the concurrent tender offer for €500 million of its 1¾% notes due October 2024 and €750 million of its 5 7/8% notes due December 2025.

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