Colombia's Cementos Argos sells $277 mln bonds to roll over debt

jueves 27 de noviembre de 2014 17:09 GYT
 

BOGOTA Nov 27 (Reuters) - Colombia's Cementos Argos sold 600 billion pesos of bonds ($277 million) on the local market on Thursday to roll over existing debt in a sale which was more than doubly oversubscribed, the Bogota stock exchange said.

The bonds offered by the Andean nation's largest cement producer will come due in two, 10 and 15 years. The yield on two-year bonds is 5.59 percent. The 10- and 15-year bonds will pay the consumer inflation rate (CPI) plus 3.8 percent and 4.21 percent respectively.

Cementos Argos, a unit of holding company Grupo Argos , received offers to buy 1.4 trillion pesos or $651 million dollars, more than twice the amount for sale.

Cementos Argos reported a 69 percent surge in profits in the January to September period this year helped by higher exports to the United States. (Reporting by Nelson Bocanegra; Writing by Peter Murphy; Editing by Nick Zieminski)