New Issue: Argentine's Autopistas del Sol issues $155 million in new 10-year notes at 11½%

By Reshmi Basu

New York, May 18 - Autopistas del Sol SA placed $155 million of 10-year amortizing notes as part of an exchange to retire older debt, according to a market source.

The deal, which is non-callable for five years, priced at par to yield 11½%.

About $90 million of the proceeds will be were used to buy back the company's outstanding bonds due 2009. And about $42 million will be issued in a direct exchange for the company's bonds due 2014.

Citigroup managed the Rule 144A and Regulation S deal for the Buenos Aires, Argentina-based highways operator.

Issuer: Autopistas del Sol SA

Amount: $155 million ($42 million issued in exchange)

Issue: Senior unsecured notes

Maturity: 2017

Coupon: 11½%

Issue price: Par

Yield: 11½%

Call option: Non-callable for five years

Amortization: Six equal payments starting in 2012

Lead manager: Citigroup

Ratings: Standard & Poor's: B-

Distribution: Rule 144A/Regulation S

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