By Marisa Wong
Morgantown, W.Va., March 31 – Inversiones y Representaciones SA (IRSA) closed its offering of 8¾% seven-year notes on March 23, issuing a total of $360 million of notes, according to a 6-K filed Thursday with the Securities and Exchange Commission.
The company had priced an initial $300 million of the notes (expected ratings: /B-/B-) at 98.722 to yield 9% on March 17.
The notes were talked at a yield in the low-to-mid-9% area, as previously reported
Citigroup and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to repay an intercompany loan, for working capital and for investment in tangible assets in Argentina.
IRSA is a real estate company based in Buenos Aires.
| Issuer: | Inversiones y Representaciones SA (IRSA)
|
| Issuer: | Senior notes, series 2
|
| Amount: | $360 million, increased from $300 million
|
| Maturity: | March 24, 2023
|
| Bookrunners: | Citigroup, JPMorgan
|
| Coupon: | 8¾%
|
| Price: | 98.722
|
| Yield: | 9%
|
| Call options: | Non-callable for seven years
|
| Trade date: | March 17
|
| Settlement date: | March 23
|
| Expected ratings: | Standard & Poor’s: B-
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low-to-mid-9% area
|
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