Banco Nacional de Costa Rica sets talk for five-, 10-year dollar benchmark notes

By Christine Van Dusen

Atlanta, Oct. 25 - Banco Nacional de Costa Rica set talk for a two-tranche issue of dollar-denominated and benchmark-sized notes due in five and 10 years (expected ratings: Baa3//BB+), a market source said.

The five-year notes were talked at a spread in Treasuries plus low-400 basis points area.

The 10-year notes were also talked at a spread in the low-400 bps area.

BofA Merrill Lynch and JPMorgan are the bookrunners for the Rule 144A and Regulation S deal.

The notes include a change-of-control put at 101%.

The proceeds will be used for debt refinancing, increasing the company's liquidity profile and for general corporate purposes.

The notes could price as soon as Friday.

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