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by Stephen Carter
Sep 24, 2025 2:20 PM ET
Via Celere Desarrollos Inmobiliarios SA (CELDES) EUR320m 144A/Reg S sr sec notes 04/15/31 (5y). NC2 (10/15/27) (MWC B+50bp), then at 102.438 10/15/27, 101.219 10/15/28, 100 10/15/29. Equity claw: 2y 40% at 104.875. NR/B/BB-. Via JPM (B&D)/DB jt glocos & physical books/BBVA/Bankinter/Santander/Kutxabank jt books. No reg rights. List Dublin. NY law. Pays April 15 and Oct 15 2026. CoC at 101. Denoms: 100kx1k. Sett;es 10/03 (T+7). Reg S ISIN: XS3192216540. IPT: 5.50% area. Price talk: 5.00%-5.25%. Final terms: EUR320m at 4.875%.
Priced: EUR320m 4.875% at 100. +250bp vs DBR 0.00% 08/15/31.
Roadshow (virtual group meetings) 09/22-24 (Investor call at 12pm UKT 09/22). Books closed at 1pm UKT 09/24. UOP: refinance EUR167m existing corporate debt, distribute EUR135m dividend, place EUR14m cash on the B/S. Biz: a leading developer of residential homes in Spain. HQ: Madrid, Spain.
Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=cc7a6cea. Entry code VCL25.