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Aecom Technology sets talk in $1.6 billion two-part notes offering; pricing Wednesday
By Paul A. Harris
Portland, Ore., Sept. 17 – Aecom Technology Corp. set price talk in its $1.6 billion two-part offering of senior notes (Ba3/BB-), according to a market source.
Notes maturing in 2022, which come with three years of call protection and feature a three-year 35% equity clawback, are talked to yield in the 5 7/8% area.
Non-callable notes maturing in 2024 are talked in the 6% area.
Tranche sizes remain to be determined.
Books close at 2 p.m. ET Wednesday, and the deal is set to price thereafter.
BofA Merrill Lynch, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG, Scotia Capital and Morgan Stanley & Co. LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering. BBVA, HSBC, SMBC Nikko and Wells Fargo Securities LLC are the co-managers.
The San Francisco-based provider of engineering, construction and technical services plans to use the proceeds, along with proceeds from a $1.83 billion credit facility, to help fund the acquisition of URS Corp. and to refinance debt at Aecom and URS.
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