Transener To Issue $250 Million Bonds

Transener, Argentina’s largest electricity provider, is to issue up to $250 million worth of bonds maturing 2016 and paying a fixed interest rate. The company will use the money raised to fund its buyback of more expensive 2016 bonds. Last week, the company launched a tender offer to buyback around $55 million of the bonds and succeeded in a 72% take-up by bondholders. The new 10-year bonds have an average life of 8.5 years and will amortize in equal, annual payments from 2013. The bonds are to be sold under 144A rules for institutional investors and Regulation S rules for foreign issuers. Deutsche Bank and Citigroup will lead.