By Reshmi Basu
New York, Oct. 11 - The Argentine Province of Neuquen sold a $125 million offering of fixed-rate senior secured notes due Oct. 2014 (/BB-) at par to yield 8¾%, according to a market source.
The deal priced in line with price guidance, which was set in the high 8% range.
The weighted average life of the issue is 4.8 years due to amortization beginning in April 2008.
Citigroup was the lead manager for the Rule 144A/Regulation S transaction, which comes off the issuer's $250 million medium-term note program.
Proceeds will be used to finance public infrastructure.
The province is located in the west of the country, at the northern end of Patagonia.
Issuer: The Province of Neuquen (Argentina)
Amount: $125 million
Issue: Senior secured notes
Maturity: Oct. 18, 2014
| Average life: | 4.8 years
|
| Coupon: | 8¾%
|
| Issue price: | Par
|
| Yield: | 8¾%
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 18
|
| Bookrunner: | Citigroup
|
| Ratings: | Standard & Poor's: BB-
|
| Price guidance: | High 8% range
|
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