By Christine Van Dusen
Atlanta, Feb. 11 – The City of Buenos Aires priced $500 million six-year notes (expected ratings: Caa2/CCC-/CCC) at par to yield 8.95% on Wednesday, a market source said.
The notes were initially talked at a spread in the 9¼% area.
The proceeds will be used for debt refinancing.
BofA Merrill Lynch, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
Issuer: | City of Buenos Aires
|
Amount: | $500 million
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Maturity: | Feb. 19, 2021
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Description: | Senior notes
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Bookrunners: | BofA Merrill Lynch, HSBC, JPMorgan
|
Coupon: | 8.95%
|
Price: | Par
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Yield: | 8.95%
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Trade date: | Feb. 11
|
Settlement date: | Feb. 19
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Expected ratings: | Moody’s: Caa2
|
| Standard & Poor’s: CCC-
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| Fitch: CCC
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Distribution: | Rule 144A and Regulation S
|
Price talk: | 9¼% area
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