Category: Chile

Chile’s Grupo Security is planning to sell up to UF5m ($223m) in domestic bonds, it says. The financial services company’s 10-year bonds have a 3.6% coupon, and are rated A minus/A minus on a national scale. The bank is managing the sale itself. Security last tapped the market in September, selling UF3m in 4.0% 2038 domestic bonds to yield 4.04%, or government bonds plus 154bp, through BCI and IMTrust.

Empresas Iansa is preparing a domestic bond sale of up to UF2m ($89m), according to regulatory documents. The Chilean sugar company is registering a program for maturities of up to 10 years, and will likely wait until next year to tap the market, if conditions seem appropriate, according to a person following the process. The proceeds from the sale would be used for refinancing. Banchile-Citi and Santander are bookrunners. In November 2010, the company sold UF1.59m in 7-year bonds via Celfin.

Scotiabank Chile has registered a UF5m ($223m) bond shelf for the domestic market, it says. The bank is preparing 5-year bonds with a 3.50% coupon, but does not indicate specific timing. The bank, rated AAA/AAA on a national scale, is managing the deal through its own capital markets arm.

Chile’s Incofin is preparing for what would be its first bond sale in the domestic market. The factoring company is in the process of registering a UF1m ($44.6m) program of up to 10 years, according to a person familiar with the plans. Incofin is expected to target a 5-year maturity, and will most likely issue next year. Itau Chile is managing.

Chile’s CFR Pharmaceuticals has sold UF1m ($45m) in 5-year bonds in the domestic market, according to people following the transaction. The pharmaceutical company priced at 99.12 with a 3.50% coupon to yield 3.70%, or government bonds plus 164bp. CFR is in need of debt funds for general corporate purposes, with 75% heard to be destined for working capital and about 25% for organic growth. IMTrust and Santander managed the transaction, rated A+/A on a domestic scale. CFR is separately pursuing $750m in equity capital to finance the $1.3bn purchase of South African drugmaker Adcock Ingram. The deal awaits the approval of Adcock shareholders, with the South African’s board in favor of the offer and largest shareholder opposed.

Chile’s CFR Pharmaceuticals is scheduled to price today a domestic bond transaction of UF1m ($45m), according to a prospectus. The pharmaceutical specialist is able choose between a 5-year bullet tranche with a 3.5% coupon and a 21-year tranche with a 10-year grace period and 4.0% coupon, according to people following the sale. Proceeds will be used for general corporate purposes, with 75% heard to be destined for working capital and about 25% for organic growth. IMTrust and Santander are managing the transaction, rated A+/A on a domestic scale. CFR is separately pursuing a $750m equity capital raise, to finance the $1.3bn purchase of South African drugmaker Adcock Ingram. The deal awaits the approval of Adcock shareholders. South African asset manager Public Investment, which is the largest Adcock shareholder at 18%, said Wednesday it does not plan to vote for the sale, according to Chilean news and wire reports.