July 20, 2016 / 9:12 PM / 2 years ago

LATAM CLOSE-Just one issuer in LatAm primary on Wednesday

* Argentina Albanesi raised US$250m in 7NC4 bond

* ENAP to embark on roadshows

* Credito Real announces early tender results

* Funds, Abadi consider bid for Brazil’s Oi

* Odebrecht puts Braskem stake for loan collateral

By Mike Gambale and Paul Kilby

NEW YORK, July 20 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Wednesday:

Number of deals priced: 1

Total issuance: US$250m


Argentine electricity group Albanesi has announced a US$250m 7NC4. The 144A/Reg S US dollar bond is expected to be rated B3/B+ by Moody’s and Fitch.Credit Suisse and JP Morgan are acting as global coordinators, while UBS is a joint bookrunner.

Proceeds are being used for capital expenditures, debt refinancing and general corporate purposes. Co-issuers are Generacion Mediterranea, Generacion Frias and Central Termica Roca. The guarantor is Albanesi SA.

IPTs high 9% area

GUIDANCE: Albanesi US$250m seven-year non-call four at 9.875%

LAUNCH: US$250m 7NC4 at 9.875%

PRICED: US$250m 7NC4: 98.758; 9.625%C; 9.875%Y - Settlement July 27 2016; Final Maturity - July 27 2023

Call Schedule: July 27 2020 at 104.813, July 27 2021 at 102.406, July 27 202 at par.


Chilean state-owned oil company Empresa Nacional de Petroleo (ENAP) will start roadshows next week to market a possible USD 10-year bond as part of a tender for notes maturing in 2019, 2020 and 2021.

The company, rated Baa3/BBB-/A, will be in Santiago on July 25 and then will head to London and Los Angeles on July 28, New York and Boston on July 29 and New York on August 1.

In conjunction, the company has also launched a tender for its outstanding 6.25% 2019s, 5.25% 2020 and 4.75% 2021s. Citigroup and JP Morgan have been mandated as leads on the trade.

Mexican real-estate developer Grupo GICSA has finished investor meetings through JP Morgan and Santander. The company had been marketing a US dollar bond, which is expected to be rated BB/BB-.

Bolivia is hoping to sell an up to US$1bn 10-year bond in the coming months, according to Economy Minister Luis Arce Catacora. Proceeds would go mainly towards investment in healthcare, specifically hospitals. Bolivia is rated Ba3/BB/BB- by Moody’s, S&P and Fitch. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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