Petroquímica Comodoro Rivadavia To Sell $25 Million Bonds

Argentine firm Petroquímica Comodoro Rivadavia (PCR) is planning to sell $25 million of dollar-denominated bonds to fund an increase in production, in particular the construction of a cement plant in the Patagonian province of Santa Cruz. The five-year bonds will pay a fixed rate yet to be determined and interest will be paid twice yearly. ABN AMRO Bank Argentina is set to arrange and place the debt securities while Infupa will act as financial adviser. PCR is one of the first medium-sized firms (with national capital) in Argentina to issue bonds since the country’s financial crisis in 2001. PCR’s main business is the production and distribution of materials for the construction industry as well as the exploration and production of hydrocarbons in Argentina and Ecuador.