By Christine Van Dusen
Atlanta, Feb. 11 – The City of Buenos Aires priced $500 million six-year notes (expected ratings: Caa2/CCC-/CCC) at par to yield 8.95% on Wednesday, a market source said.
The notes were initially talked at a spread in the 9¼% area.
The proceeds will be used for debt refinancing.
BofA Merrill Lynch, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
| Issuer: | City of Buenos Aires
|
| Amount: | $500 million
|
| Maturity: | Feb. 19, 2021
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, HSBC, JPMorgan
|
| Coupon: | 8.95%
|
| Price: | Par
|
| Yield: | 8.95%
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 19
|
| Expected ratings: | Moody’s: Caa2
|
| Standard & Poor’s: CCC-
|
| Fitch: CCC
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¼% area
|
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