Edenor Revives Bond Wider and Smaller

Argentine power distribution company Edenor will today look to price $200m in 10-year NC5 notes in the 10.5% area. Guidance on the B2/B bond issue is similar to recent junk issues from Senda (B+) and Durango (B+), though wider than the 9.250%-9.375% floated by Edenor in July, when the transaction was suspended because of poor market conditions. The offer size is also reduced from the originally planned $220m, though executives close to the deal say the company was able to repurchase some of its outstanding debt in the meantime, reducing its financing need. Citi and Deutsche have joint books.