Gas Natural Ban Places $113 Million Notes

Argentine gas distributor Gas Natural Ban has successfully placed $113 million of two-year notes in the market. The issue was almost twice oversubscribed, with demand reaching $209 million. The notes received a national scale rating of A1.ar, with a stable outlook, by Moody’s Investor Services, which commented that, with this sale, the company will have virtually eliminated its exposure to dollar-denominated debt. The ratings agency also noted that Gas Ban was one of the few companies that never defaulted on its debt during Argentina’s financial crisis. Gas Natural is owned by Spain’s Gas Natural. ABN AMRO acted as book-runner for the deal.