Comcel Offers $45 Million CP

Colombia’s largest wireless phone operator Comunicación Celular (Comcel), part of Mexican cell phone operator América Móvil, was due to sell $45 million worth (100 billion pesos) of commercial paper on Tuesday, denominated in pesos. Comcel offered to pay a maximum yield of 8.40% on the 90-day commercial paper. The proceeds of the sale will be used for working capital, said the company ahead of the transaction. The sale was led by BBVA’s Colombian unit. The issue is part of a larger debt program worth 1 trillion pesos ($450 million), approved last May. Last November, the company sold $66 million (150 billion pesos) of the 90-day paper to yield 7.9%, which matured on Monday.