Chicago, July 27 – El Salvador sold $1 billion 9½% notes (B-/B-) due July 15, 2025 at par, according to an offering prospectus.
The notes were trading above their issue price, at 100.872, on July 27.
The Rule 144A and Regulation S notes were brought to the market by joint bookrunners Santander and Scotiabank.
Proceeds were expected to be used for general budgetary purposes, including funding for Covid-19 relief and recovery efforts.
On July 22, the country was seeking approval for an additional $570 million of coronavirus funding, which included $550 million from the Inter-American Development Bank divided into three loans and a $20 million budget incorporation from the World Bank.
| Issuer: | El Salvador
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Maturity: | July 15, 2025
|
| Joint bookrunners: | Santander and Scotiabank
|
| Trustee: | Bank of New York Mellon
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Optional call: | Make-whole call at Treasuries plus 50 bps until Jan. 15, 2052; thereafter at par plus interest
|
| Pricing date: | July 8
|
| Issue date: | July 15
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
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