IMPSA Preps $250m Bond Sale

Argentine steelmaker IMPSA is looking to sell $250m worth of 2017 amortizing notes to refinance outstanding debt. The company plans to buy back its series 8 and 9 bonds issued in May 2002, worth $134m, at the call price of 85%. It also hopes to cancel the series 9 and 12 notes, worth $12.2m, issued in November 2002, and repay $100m in bank debt and privately placed bonds. Fitch rates the notes single B, and A minus on a local scale. Merrill Lynch is heard to be leading the offering.