IMPSA Readies Debt Offering

Argentine metals company Industrias Metalurgicas Perscarmona is planning a seven-year 144a debt offering to raise funds to refinance existing debt. The size and coupon of the offering have yet to be decided, but is expected to be around $250m, according to a banker familiar with the deal. Sole bookrunner Merrill Lynch plans to price the bonds, rated B by Fitch, next week following a roadshow this week. IMPSA and KUO are part of a regional high yield bond supply wave that started last week and has some weeks to run. “The taps are back on. This is going to be a busy October,” says a veteran DCM banker with mandates to execute.