Argentine province of Neuquen plans to issue $125 million in senior notes

By Reshmi Basu

New York, Aug. 29 - The Argentine province of Neuquen plans to sell $125 million in fixed-rate senior secured notes due October 2014 (/B+), according to a market source.

The weighted average life is 4.8 years for the issue. Additionally, the notes will amortize starting in April 2008.

Citigroup is the lead manager for the Rule 144A and Regulation S transaction.

Proceeds will be used to finance public infrastructure.

"This is the first cross border structured transaction secured by a portfolio of assets originated in Argentina to be issued in the capital markets since the Argentine economic, financial and sovereign crisis of 2002," Standard & Poor's said in its rating announcement.

The province is located in the west of the country, at the northern end of Patagonia.

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