June 27, 2017 / 10:25 PM / a year ago

UPDATE 1-Chile retailer Cencosud approves up to $750 mln bond repurchase

(Adds details on bond issuance and repurchase, context)

SANTIAGO, June 27 (Reuters) - Chilean retailer Cencosud has approved the repurchase of up to $750 million in 2021 and 2023 bonds and plans to issue up to $850 million in new 10-year paper, the company said in a letter to regulators on Tuesday.

The letter said the new bonds would mature in 2027 and that Cencosud plans to issue them in the coming days. Holders of the 2021 bonds will have until July 11 to accept the repurchase, while holders of the 2023 bonds will have until July 25.

“In the timeline of the coming days, the emission and placement of the 2027 bonds is expected,” the company said.

Cencosud has units in Argentina, Chile, Colombia, and Peru. It operates department stores, supermarkets and malls, among other businesses.

One of Cencosud’s most ambitious current projects is the proposed construction of a $600 million real estate and retail complex in Argentine capital Buenos Aires. (Reporting by Fabian Cambero, Hugh Bronstein and Gram Slattery; editing by Grant McCool)

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