Argentina’s Impsat Prices Acquisition Bonds

Argentine telecom operator GC Impsat, which is being acquired by Global Crossing, priced $225 million in 9.875% bonds (B3/B-). The offering, originally expected to be $200 million in the 10% range was priced at par. Credit Suisse was bookrunner, with Deutsche bank as joint-lead. Since the funds are destined for an acquisition, expected to close as late as April, they will be put into escrow and there is a put penalty in case the deal doesn’t close.