By Aaron Hochman-Zimmerman
New York, Oct. 24 - Empresa de Energia de Bogota SA ESP priced $610 million of seven-year senior unsecured notes (/BB/BB) at par with a coupon of 8¾% and a spread of Treasuries plus 462 basis points, according to a market source.
The bonds priced on top of the talk for a yield in the 8¾% area, which had narrowed from initial talk in the 9% area.
The amount of the sale came within the planned range of $500 million to $710 million.
ABN Amro was the bookrunner for the Rule 144A and Regulation S deal.
The notes feature four years of call protection, with a make-whole call at Treasuries plus 75 bps before that.
The bonds may be redeemed at 104.375 in 2011, 102.188 in 2012 and at par in 2013. The bonds mature on Oct. 31, 2014.
There is a change of control put at 101.
Proceeds from the sale will be used to refinance existing debt.
EEB is a Bogota, Colombia-based producer and distributor of electricity.
| Issuer: | Empresa de Energia de Bogota
|
| Amount: | $610 million
|
| Issue: | Seven-year senior unsecured notes
|
| Maturity: | Oct. 31, 2014
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | Treasuries plus 462 bps |
|
| Bookrunner: | ABN Amro
|
| Call features: | Make-whole call for first four years at Treasuries plus 75 bps, callable in 2011 at 104.375, then 102.188, par
|
| Put option: | Change of control put at 101
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Distribution: | Rule 144A/Regulation S
|
| Rating: | Standard & Poor's: BB
|
| Fitch: BB
|
| Price talk: | 8¾% area
|
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