Impsa Sells 2014 High Yield Bond

Argentina’s Industrias Metalúrgicas Pescarmona (Impsa) has priced a $225m 2014 bond issue at 99.011 with a 11.250% coupon to yield 11.500%. The offer, launched September 28, was for up to $250 million. It was upsized from an initial $150m size due to demand, according to people close to the transaction. Proceeds will refinance existing debt. Merrill Lynch was sole bookrunner on the offering rated B by Fitch. The transaction comes from a $500m program.