By Christine Van Dusen
Atlanta, March 18 – Argentina’s Inversiones y Representaciones SA (IRSA) priced a $300 million issue of 8¾% notes due March 24, 2023 (expected ratings: /B-/B-) at 98.722 to yield 9%, a market source said.
The notes were talked at a yield in the low-to-mid-9% area.
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)
|
| Amount: | $300 million
|
| Maturity: | March 24, 2023
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, JPMorgan
|
| Coupon: | 8¾%
|
| Price: | 98.722
|
| Yield: | 9%
|
| Call options: | Non-callable for seven years
|
| Trade date: | March 17
|
| Settlement date: | March 24
|
| Expected ratings: Standard & Poor’s: B-
|
| Fitch: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Low-to-mid-9% area
|
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