OHL Successfully Completes the Issue of €700 Million of Simple Bonds

OHL has successfully completed the issue of €700 million of simple bonds, reaching maturity in 2015. The bonds will be issued at par value and will accrue a coupon of 7.375 % annually, paid semi-annually.

This issue is the second by OHL in Euros in the capital markets, in which the company with Juan-Miguel Villar Mir as president has been a pioneer in their sector when the time came to turn to those markets.

Banco Santander, Citigroup, Crédit Agricole CIB, The Royal Bank of Scotland and Société Générale are the financial institutions who arranged the issue, who’s closure and payment is set to take place on 28th April, 2010, subject to the usual conditions of this kind of operation.

The investor response to this issue by OHL has been very positive. Following a week of meetings with investors in London, Paris and Frankfurt, the order book closed yesterday totalling over €1,700 million and with over 250 orders.

This has allowed the issue to be distributed among a broad group of investors of high quality in Europe’s main markets. The British investment base represents 44% of the operation, with the rest coming as follows: Spain, 14 %; France, 13 %; Germany and Austria, 8%; Switzerland, 4 %, Benelux, 4 %; and the rest between other markets.

Regarding the offer of a partial exchange announced on 8th April, 2010, of the bond issue from 2007, listed on the London Stock Exchange, the added nominal amount of bonds that OHL will exchange through the newly issued bonds rises to €178 million, which equates to a 30 % acceptance of the bonds in circulation. This percentage is on the high end of the levels of acceptance of this type of operation.

The operation comes under the OHL Group’s financial policy of covering their permanent needs with long term financing from the capital markets. They also have a very positive impact in terms of greater financial flexibility, diversification of their sources of financing and improvement of the profile of maturity of their debt in the long term.