By Caroline Salls
Pittsburgh, April 22 - Telefonica Moviles Argentina SA will issue up to Ps. 300 million of notes in two series at par, according to a pricing supplement released Tuesday.
Specifically, the company will issue series 1 made up of 11% fixed-rate notes due 2009 and series 2 floating-rate notes due 2010.
The floating-rate notes will have a 10% minimum variable coupon and a 20% maximum variable coupon.
The notes will be issued under the company's $1.5 billion notes program.
The minimum subscription amount is Ps. 1,000, and the notes can be purchased in Ps. 1.00 increments after that.
Proceeds will be used to refinance short-term debt and for working capital.
Standard & Poor's Internacional Ratings, LLC has assigned an raA-1+ to the fixed-rate notes and an raAA- rating to the floating-rate notes.
Banco Santander Rio SA, BBVA Banco Frances SA and Deutsche Bank SA are the placement agents. Caja de Valores SA is the registration and payment agent and BBVA Frances is the liquidation agent.
Telefonica Moviles Argentina's board of directors approved the issuance of a total of Ps. 400 million of the first class of notes on April 11, according to the pricing supplement.
Telefonica Moviles is a Buenos Aires telecommunications provider.
| Issuer: | Telefonica Moviles Argentina SA
|
| Amount: | Ps. 300 million
|
| Pricing date: | April 22
|
| Settlement date: | Three days after expiration of the subscription period
|
|
|
| Series 1
|
| Issue: | Fixed-rate notes
|
| Yield: | 11%
|
| Maturity: | 2009
|
| Rating: | raA-1+ by Standard & Poor's Internacional Ratings, LLC
|
|
|
| Series 2
|
| Issue: | Floating-rate notes
|
| Minimum coupon: | 10%
|
| Maximum coupon: | 20%
|
| Maturity: | 2010
|
| Rating: | raAA-
|
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