UPDATE 1-AES Panama sets IPTs on US$300m seven-year bond

jueves 18 de junio de 2015 09:20 GYT

(Adds tender details)

By Paul Kilby

NEW YORK, June 18 (IFR) - Utility AES Panama set initial price thoughts of low-mid 6% on a US$300m seven-year bond expected to price later on Thursday through bookrunners Deutsche Bank and Banco General.

The senior unsecured deal is expected to be rated BB-/BB+ (stable/negative) by S&P and Fitch. Proceeds are going to fund a cash tender for US$300m in outstanding 6.35% 2016s.

Holders will receive US$1,057.50 per US$1,000 in principal if they submitted consents and tenders by yesterday, June 17. Thereafter until the July 2 expiration date, they will be paid US$1,047.50. (Reporting by Paul Kilby; Editing by Natalie Harrison and Marc Carnegie)