HPDA Prices $100m In 10-Year Amortizers

Hidroeléctrica Piedra del Aguila, the Argentine utility, priced Tuesday, following the pre-holiday market close, $100m in 9% 10-year amortizing bonds at 98.557 to yield 9.25%. Pricing came at the wide end of the 9.00%-9.25% price range announced last week, and the total proceeds were dropped from $125m to $100m. The issuer opted for a lower amount of proceeds because the yield came in at the higher end of the range, according to an executive close to the deal. The bonds amortize equally in years 7, 8, 9 and 10. HPDA’s offering concludes a short, thin week for LatAm issuance marked by a slight improvement in market conditions. During the previous week, which was characterized by widening Treasury spreads and spikes in volatility, a number of non-LatAm issuers were pushed out of the market, and timing on offerings from Lupatech, Arcor and HPDA was delayed. Merrill Lynch had sole books for HPDA.