Pan American Energy To Sell $250 Million Debt Securities

Argentina’s Pan American Energy is planning to sell $250 million of five-year debt securities with an estimated yield of between 7.75% and 8.0%, lower than the country’s sovereign Bonar issue, sold yesterday, Wednesday. The bonds have been rated AAA by Standard & Poor’s. Pan American Energy is held jointly by British Petroleum (60%) and Bridas Corp (40%). It is the second-largest hydrocarbon producer in Argentina and a leading player in the Southern Cone. And with a 14% share of the gas market, it is also the second-largest gas producer in Argentina. The deal is being managed by JP Morgan and Citigroup.