By Christine Van Dusen
Atlanta, Sept. 23 - Argentina's Industrias Metalurgicas Pescarmona SAIC (Impsa) priced $275 million of 10 3/8% notes due Sept. 30, 2020 (/B+/) at 97.736 to yield 10¾%, according to an informed market source.
The deal priced wider than talk for a yield of 10½%.
UBS Investment Bank and Bank of America Merrill Lynch were the bookrunners for the Rule 144A and Regulation S transaction.
The notes are non-callable for five years.
Proceeds will be used to purchase notes tendered in offer for any and all of the company's outstanding 11% notes due 2014.
Impsa is a Mendoza-based producer of wind and hydropower equipment.
| Issuer: | Industrias Metalurgicas Pescarmona SAIC (Impsa)
|
| Issue: | Notes
|
| Amount: | $275 million
|
| Maturity: | Sept. 30, 2020
|
| Bookrunners: | UBS Investment Bank, Bank of America Merrill Lynch
|
| Coupon: | 10 3/8%
|
| Price: | 97.736
|
| Yield: | 10 ¾%
|
| Call features: | Non-callable for five years
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 30
|
| Ratings: | Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 10½%
|
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