Peru’s InRetail is talking 10-year dollar notes to yield low 6% area

By Rebecca Melvin

New York, March 27 – InRetail Shopping Malls, a subsidiary of InRetail Real Estate Corp., was talking a new dollar-denominated 10-year note (expected ratings: Ba2/BB/BB+) to yield in the low 6% area early Tuesday, according to a New York-based market source.

The notes, which are non-callable for five years, were expected to price on Tuesday.

The securities are guaranteed by InRetail Real Estate and operating subsidiaries Interproperties Holding, Interproperties Holding II and Real Plaza.

Citigroup and J.P. Morgan Securities LLC are the bookrunners of the deal, which was reported to include up to $400 million of dollar debt and a local currency-denominated senior unsecured issuance of up to $100 million.

Proceeds are expected to be used primarily to refinance debt, including InRetail's $300 million of notes due in 2021, grant a $150 million loan to InRetail Peru Corp. and for general corporate purposes.

InRetail is a shopping mall operator based in Lima, Peru.

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