By Rebecca Melvin
New York, June 29 – The Province of Cordoba priced $450 million 7 1/8% 10-year notes (expected ratings: B3+/B/) at a reoffer price of 99.991 to yield 7 1/8% on Thursday, a market source said.
Despite the slightly below par reoffer price, the notes’ coupon and initial yield match because of the length of time to the first coupon payment.
Pricing came tighter than the talked coupon of 7 3/8% area.
HSBC and J.P. Morgan were joint bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to fund infrastructure projects and refinance existing debt.
Cordoba is in the central region of Argentina where the country’s second most populous city is located.
| Issuer: | Province of Cordoba
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| Amount: | $450 million
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| Maturity: | Aug. 1, 2027
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| Description: | Notes
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| Bookrunners: | HSBC and J.P. Morgan
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| Coupon: | 7 1/8%
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| Price: | 99.991
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| Yield: | 7 1/8%
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| Trade date: | June 29
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| Settlement date: | July 7 (long first coupon)
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| Expected ratings: | Moody’s: B3+
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 7 3/8% area
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