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Obrascon Huarte Lain (50ML)


Thursday 08 April, 2010

Obrascon Huarte Lain

Approval to issue notes

RNS Number : 8747J
Obrascon Huarte Lain, S.A.
08 April 2010

London Stock Exchange


Madrid, April 8th 2010


Ref.: Notification of Significant Event:


Dear Sirs,


OBRASCÓN HUARTE LAIN, S.A. (the "Company"), in compliance with the provisions of article 82 of Act 24/1988, of 28 July, on the Securities Market (Ley del Mercado de Valores), by means of this document notifies the National Securities Market Commission (CNMV) of the following


The Board of Directors of the Company, exercising the authorisation granted by the General Shareholders Meeting held on 26 November 2009, has approved to issue simple notes of the Company, whose final terms and conditions will be established on the basis of the result of the bookbuilding and placement of the notes to be carried out by the Joint Bookrunners of the transaction Banco Santander, S.A., Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Société Générale and The Royal Bank of Scotland plc.

The final terms and conditions of the notes, intended for international qualified investors, will be governed by English Law and it is anticipated that an application will be made to admit the Notes to trade on the London Stock Exchange's regulated market.

The Company has consider it appropriate to carry out a partial exchange offer for an amount up to a three hundred million Euros (€300,000,000) of the existing notes issued in 2007 and listed on the London Stock Exchange denominated "EUR 700,000,000 5.00 per cent. Notes due 2012".

The terms and conditions of the exchange offer of the notes issued in 2007 for the notes to be issued by the Company in accordance with the above, are established in the Exchange Offer Memorandum prepared by the Company and that is at the disposal of the investors by means of the Joint Dealer Managers Banco Santander, S.A., Crédit Agricole Corporate and Investment Bank, Société Générale and The Royal Bank of Scotland plc.

The noteholders who are subject to the exchange offer may send its orders from 8 April 2010 until 15:00 hours (CET) on 15 April 2010. The Company will announce whether or not it has decided to accept the orders received and, if applicable, the result of the exchange offer on 16 April 2010, even though it could modify the dates and other terms of the exchange offer in accordance with Exchange Offer Memorandum mentioned above.


Yours faithfully,


José María del Cuvillo Pemán
Vice-Secretary of the Board of Directors


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