Chicago, Aug. 6 – Industrias Penoles SAB de CV sold $600 million of notes in two parts (BBB/BBB), according to a notice on the company’s website.
The company sold $100 million in a reopening of its 4.15% notes due 2029 for a yield to maturity of 3 3/8%.
And, also included in the transaction were $500 million of 4¾% 30-year notes.
The 2029 notes were 10 times oversubscribed, and the 30-year notes were seven times oversubscribed.
Global coordinators and joint bookrunners for the issue were BofA Securities and JPMorgan.
Proceeds from the Rule 144A and Regulation S issue will be used to repay a syndicated loan of $300 million due on Feb. 28, 2024 with the remainder to be used for general corporate purposes.
Penoles is a Mexico City-based mining conglomerate.
| Issuer: | Industrias Penoles SAB de CV
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| Issue: | Notes
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| Amount: | $600 million
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| Bookrunners: | BofA Securities and JPMorgan
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| Ratings: | S&P: BBB
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
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|
| 2029 notes
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| Amount: | $100 million add-on
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| Coupon: | 4.15%
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| Yield: | 3 3/8%
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| Original issue: | $1.1 billion sold on Sept. 12, 2019
|
|
|
| 30-year notes
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| Amount: | $500 million
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| Maturity: | 30 years
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| Coupon: | 4¾%
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