Chile’s Pampa Calichera Prices Today

Pampa Calichera, an investment company based in Chile, is expected to price $250 million in 15-year bonds (BB-) this morning (February 9). Price talk is in the high 7% range and the book was at least two times oversubscribed, with dedicated emerging market and local investor participation cited. The notes are secured by $500 million worth of shares. As a non-investment grade dollar issuance from Chile, the deal is on the rarer side. The only other similarly structured offering from Latin America in recent memory is Brazil’s ISA, a utility holding company which priced at 8.80% last week.