Andrade Gutierrez seeks exchange after pulling tender

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By Oliver West
21 Nov 2019

Two days after canceling a tender offer it had planned to finance with a private placement (PP), Brazilian engineering and construction firm Andrade Gutierrez has launched an exchange offer seeking a similar result.

Earlier in November, Andrade had set initial price thoughts of 9.5% for a CCC+ rated senior secured five year non-call two bond, hoping to fund the buyback of its $356.349m 11% senior secured PIK toggle notes maturing in 2021.

However, the bond was not priced and the issuer ...

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