By Christine Van Dusen
Atlanta, May 18 – Argentina’s Banco Hipotecario SA priced a $150 million tap of its 9¾% notes due Nov. 30, 2020 (B3/B-) at 106.525 to yield 8% on Wednesday, a market source said.
The notes were talked at a yield in the low-8% area.
BofA Merrill Lynch and Itau were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for working capital.
Banco Hipotecario originally sold $200 million of the notes on Nov. 24, 2015 at par.
Banco Hipotecario is a Buenos Aires-based commercial bank.
| Issuer: | Banco Hipotecario SA
|
| Amount: | $150 million
|
| Maturity: | Nov. 30, 2020
|
| Description: | Add-on to notes due Nov. 30, 2020
|
| Bookrunners: | BofA Merrill Lynch, Itau
|
| Coupon: | 9¾%
|
| Price: | 106.525
|
| Yield: | 8%
|
| Trade date: | May 18
|
| Settlement date: | May 30
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low-8% area
|
| Original issue: | $200 million priced on Nov. 24, 2015 at par
|
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