Dragados announces tender offer results for green notes due 2026

Chicago, Nov. 28 – Dragados SA announced the final results and pricing of its tender offer for its €750 million 1.875% green notes due April 20, 2026 (ISIN: XS1799545329).

The offer was capped at €250 million. Noteholders tendered €162.3 million of the notes and the issuer is accepting all of the notes, with no need for proration.

Pricing took place at 7 a.m. ET on Monday.

The purchase price was set at 92.826, using the April 2026 interpolated mid-swap rate and a purchase spread of 135 basis points.

The company is also paying interest on the notes in an amount of €1,150.68 per €100,000 note, assuming a Nov. 30 settlement date.

After settlement there will be €587.7 million of the notes outstanding.

The offer expired at 11 a.m. ET on Nov. 25. It was announced on Nov. 21.

Banco Bilbao Vizcaya Argentaria, SA (+44 20 7397 6029, +44 20 7397 7682; liabilitymanagement@bbva.com) and Natixis (+33 1 58 55 05 56; liability.management-corporate@natixis.com) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; dragados@is.kroll.com; https://deals.is.kroll.com/dragados) is the tender agent.

The construction engineering company is based in Madrid.

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