By Christine Van Dusen
Atlanta, June 2 – Buenos Aires sold $500 million 9.95% six-year notes to yield of 10¼% on Tuesday, a market source said.
The notes (Caa2/CCC-) were talked at a yield in the mid-10% area.
BNP Paribas and BofA Merrill Lynch were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to fund social, infrastructure and other public investment projects, as well as to improve the debt maturity profile of the province in Argentina.
Other details were not immediately available on Tuesday.
| Issuer: | Buenos Aires
|
| Amount: | $500 million
|
| Maturity: | June 9, 2021
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, BofA Merrill Lynch
|
| Co-manager: | Banco de la Provincia de Buenos Aires
|
| Coupon: | 9.95%
|
| Yield: | 10¼%
|
| Trade date: | June 2
|
| Settlement date: | June 9
|
| Expected ratings: | Moody’s: Caa2
|
| Standard & Poor’s: CCC-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-10% area
|
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