Comcel Offers $42 Million Local Notes

Comcel, the Colombian unit of Mexican mobile phone operator América Móvil, offered $42 million worth of peso-denominated paper to the local market yesterday, Wednesday. The company said it would pay a maximum coupon of 7.8% on the 45-day commercial notes. The proceeds of the sale will be used as working capital, said Comcel. The transaction was arranged by the Colombian unit of BBVA. Last year, Comcel issued local-currency debt worth around $200 million to protect against fluctuations in the US dollar against the Colombian currency.