By Cristal Cody
Chicago, May 6 – Orbia Advance Corp., SAB de CV sold a two-part dollar-denominated offering of notes due 2026 and 2031 (Baa3/BBB-/BBB), according to a source in the know on Thursday.
The $600 million tranche due May 11, 2026 priced with a coupon of 1 7/8%, or a spread of Treasuries plus 110 basis points. Talk was higher, in the Treasuries plus 145 bps area.
The company also sold $500 million of 2 7/8% notes due May 11, 2031 with a Treasuries plus 145 bps spread, also low to talk which had been in the Treasuries plus 175 bps area.
Proceeds will be used to refinance debt, mainly its 2022 peso- and dollar-denominated notes, according to the ratings report from S&P Global Ratings.
Citigroup Global Markets Ltd., J.P. Morgan and Morgan Stanley are the bookrunners.
The specialty products provider is headquartered in Mexico City.
| Issuer: | Orbia Advance Corp., SAB de CV
|
| Issue: | Notes
|
| Amount: | $1.1 billion
|
| Bookrunners: | Citigroup Global Markets Ltd., J.P. Morgan and Morgan Stanley
|
| Trade date: | May 6
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
|
|
| 2026 notes
|
| Amount: | $600 million
|
| Maturity: | May 11, 2026
|
| Coupon: | 1 7/8%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
| 2031 notes
|
| Amount: | $500 million
|
| Maturity: | May 11, 2031
|
| Coupon: | 2 7/8%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 175 bps area
|
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