By Aaron Hochman-Zimmerman
New York, July 5 - Hidroelectrica Piedra del Aguila SA sold its $100 million 10-year bond (B) offer at 98.557 to yield 9¼%, according to a market source.
The yield matched the initial talk of 9¼%. The 9% notes came at a spread of 420.9 basis points over Treasuries
Merrill Lynch was the lead manager of the Rule 144A and Regulation S deal.
The bonds are noncallable for five years and mature on July 11, 2017.
Proceeds will be used to refinance the senior outstanding debt of the issuer and for working capital.
Hidroelectrica Piedra del Aguila is a Buenos Aires, Argentina-based utility and power company.
Issuer: Hidroelectrica Piedra del Aguila SA
Amount: $100 million
Issue: Senior unsecured notes
Maturity: July, 11 2017
| Tenor: | Noncallable for five years
|
| Coupon: 9%
|
| Price: | 98.557
|
| Yield: | 9¼%
|
| Amortization: | Four equal annual installments beginning July 11, 2014
|
| Pricing date: | July 3
|
| Settlement date: | July 11
|
| Rating: | Standard & Poor's: B
|
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