Chilean Winery Uncorks 21-Year Vintage

Chilean Wine Producer Vina Santa Rita has sold $70m equivalent in floating-rate bonds on the domestic market. The UF1.75m ($70m) issue of 21-year bonds priced at 100.08 with a 4.40% coupon to yield 4.39%. Covenants hold the issuer to 1.30x leverage and 2.75x interest coverage. Banchile managed the sale, rated AA/A+. Santa Rita aims to refinance debt and fund expansion with proceeds. The borrower is Chile’s third largest winery, with 30% market share, according to the company’s prospectus.