Emerging markets calendar: Pimsa to sell $320 million in notes

WEEK OF OCT. 16

PAPELES INDUSTRIALES DE MICHOACAN SA DE CV (PIMSA): $320 million offering of 10-year senior guaranteed notes (Ba3/BB-/BB-); Citigroup; Rule 144A/Regulation S (no registration rights); non-callable for five-years, three-year equity clawback; for acquisition finance; issuer was formed when Kimberly-Clark de Mexico SA de CV spun-off and divested control of its paper and notebooks division; European leg of roadshow from Oct. 3 through Oct. 6, U.S. leg from Oct. 10 to Oct. 13; to price during the week of Oct. 16.

PETROL AD (BULGARIA): Euro-denominated offering of five-year bonds (B3//B-); ING; Regulation S; Asian leg of the roadshow in Singapore on Oct. 11, Manila on Oct. 11; European leg in Zurich and Geneva on Oct. 13, Frankfurt and Vienna on Oct. 16, Paris on Oct. 17, London on Oct. 18; Sofia-based fuel distributor in Bulgaria.

CORPORACION NACIONAL DE COBRE DE CHILE (CODELCO): $500 million offering of 30-year fixed-rate bonds (Aa3/A); Deutsche Bank, HSBC; Rule 144A/Regulation S; for debt redemption, for capital expenditures; roadshow in Hong Kong on Oct. 11, Singapore on Oct. 12, London on Oct. 13, Los Angeles on Oct. 16, Boston on Oct. 17, New York on Oct. 18; Santiago-based copper producer.

RANHILL LTD.: Issue of five-year bullet bonds (/B-/B-) up to $250 million; ABN Amro (books), CIMB Ltd. (co-manager); Rule 144A/Regulation S; roadshow Oct. 2 to Oct. 13, stops in Singapore, Hong Kong, London, New York, Boston, Los Angeles; for debt refinancing, working capital, general corporate purposes; Malaysian-based investment holding company Ranhill Bhd. will guarantee; principal activities include engineering and power generation.

INVITEL HOLDINGS NV: €125 million 6.5-year floating-rate PIK notes; Credit Suisse (books), BNP Paribas (co); Rule 144A/Regulation S; non-callable for 18 months, then at 100, 102, 101, par; 200 bps coupon step-up; to sponsor a dividend; Hungary's second largest fixed-line telecommunications company; roadshow started Oct. 12 in London; expected to price early in Oct. 16 week; price guidance for 99 dollar price with a coupon of 825 bps over Euribor.

OJSC SUEK: Dollar-denominated offering of credit-linked notes; ING, Trust Investment Bank; Regulation S; two-year bullet notes; Asian leg of the roadshow on Oct. 4 in Hong Kong, Manila on Oct. 5, Singapore on Oct. 6, European leg in Zurich and Geneva on Oct. 9, Vienna on Oct. 10, London on Oct. 11; OJSC Siberian Coal Energy Co. (SUEK) is a major Russian coal group.

BANK FORUM: minimum issue of $100 million in three-year eurobonds (B2/B-); Citigroup, Standard Bank; Regulation S; price talk at 9.85% to 10 1/8%; financial institution, based in Kiev, Ukraine.

RIZAL COMMERCIAL BANKING CORP.: $100 million in perpetual hybrid tier 1 debt; Citigroup, Credit Suisse; Regulation S; roadshow in Singapore on Oct. 17, Hong Kong on Oct. 18, London on Oct. 19. Makati City, Philippines-based private domestic commercial bank.

OCTOBER

KAZAKHGOLD GROUP LTD.: Dollar-denominated offering of eurobonds; ING; Regulation S; Asian leg of the roadshow in Manila on Oct. 18, Singapore on Oct. 19, Hong Kong on Oct. 20, European leg Zurich and Geneva on Oct. 23, Frankfurt and Vienna on Oct. 24, London on Oct. 25; Stepnogorsk, Kazahkstan-based KazakhGold is the holding company of gold miner Kazakhaltyn.

BANCO SCHAHIN SA: Dollar-denominated notes due 2016 (expected B2); Dresdner Kleinwort; Rule 144A/Regulation S; non-callable for five years; Brazilian commercial bank headquartered in Sao Paolo; presently in the market.

PROVINCE OF BUENOS AIRES: approximately $300 million in new debt; expected to be denominated in dollars, carry a tenor of 10 years.

INVESTCORP BANK (Baa2/BBB): Dollar-denominated tier I perpetual preferred notes (expected ratings Ba1/BB+); BNP Paribas, Credit Suisse, Deutsche Bank (joint lead managers); Regulation S-only; non-callable for 10 years; will contain coupon step-up; financial institution based in Manama, Bahrain; price talk 10-year mid-swaps plus 350 bps (9.05% area); roadshow concluded June 7; timing to be determined.

ON THE HORIZON

EMPRESA BRASILEIRA DE AERONÁUTICA SA (EMBRAER):$300 million in guaranteed notes due 2017; $280 million to repay existing indebtedness, remaining for general corporate purposes; issued via subsidiary Embraer Overseas Ltd; Sao Paulo, Brazil-based aircraft manufacturer.

OJSC BANK ZENIT: Dollar-denominated offering of three-year senior notes (B1//B); Citigroup; Regulation S; loan participation notes issued via Zenit Capital plc; financial institution based in Moscow.

BANK KHRESCHATYK: Dollar-denominated loan participation notes due 2009 (B2//B); Deutsche Bank; initial price guidance 9%; special-purpose vehicle of Ukraine's Bank Khreschatyk, financial institution headquartered in Kiev (postponed on Sept. 21).

FOSUN INTERNATIONAL LTD.: $500 million global bonds due 2013; Deutsche Bank, Citigroup; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors.

PT INDOFOOD SUKSES MAKMUR: $250 million to $300 million bonds; to refinance company's bonds due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

ROADSHOWS

Oct. 2-13: RANHILL LTD.: Issue of five-year bullet bonds (/B-/B-) up to $250 million; ABN Amro (books), CIMB Ltd. (co-manager)

Oct. 6-11: OJSC SUEK: Dollar-denominated offering of credit-linked notes; ING, Trust Investment Bank

Oct. 3-13: PAPELES INDUSTRIALES DE MICHOACAN SA DE CV (PIMSA): $320 million offering of 10-year senior guaranteed notes (Ba3/BB-/BB-); Citigroup

Oct. 11-18: PETROL AD (BULGARIA): Euro-denominated offering of five-year bonds (B3//B-); ING

Oct. 10-11: CITY OF MOSCOW: €407 million offering of 10-year loan participation notes (Baa2/BBB+/BBB+ issuer's rating); Citigroup, Deutsche Bank, Dresdner Kleinwort, JP Morgan

Oct. 11-18: CORPORACION NACIONAL DE COBRE DE CHILE (CODELCO): $500 million offering of 30-year fixed-rate bonds (Aa3/A); Deutsche Bank, HSBC

Started Oct. 12: INVITEL HOLDINGS NV: €125 million 6.5-year floating-rate PIK notes; Credit Suisse (books), BNP Paribas (co)

Oct. 10-25: KAZAKHGOLD GROUP LTD.: Dollar-denominated offering of eurobonds; ING

Oct. 17-19: RIZAL COMMERCIAL BANKING CORP.: $100 million in perpetual hybrid tier 1 debt; Citigroup, Credit Suisse

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.