Chicago, Aug. 16 – Elektra Noreste, SA's (ENSA) sold $100 million of 15-year senior bonds (//BBB) in a U.S. private placement and Regulation S offering, according to multiple announcements.
The issue was subscribed to by a small group of local and U.S. investors.
The offer was more than 2.4 times oversubscribed.
Allocations ranged between $2 million and $37 million.
Two unnamed banks helped as underwriters on the offering.
Guidance on the notes was Treasuries plus 240 basis points.
Proceeds, according to Fitch Ratings, were to be used to refinance $100 million of notes set to mature.
ENSA is one of the largest electricity distribution companies in Panama.
| Issuer: | Elektra Noreste, SA
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| Issue: | Senior bonds
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| Amount: | $100 million
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| Tenor: | 15 years
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| Counsel to issuer: | Clifford Chance
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| Trade date: | June 18
|
| Rating: | Fitch: BBB
|
| Distribution: | Section 4(a)(2), Regulation S
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| Price talk: | Treasuries plus 240 bps
|
| Marketing: | Private placement
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