Argos Plans $400m in Bonds

Colombia’s Cementos Argos plans to sell up to $400m worth of bonds in the US market in 2008. It will use proceeds to finance construction of a new $300m cement plant in Cartagena and reduce outstanding debt costs. It plans to select banks in the next two months. However, if market volatility continues, it will drop the bond plan and seek as much as $150m in 18-month debt from CAF and the China Development Bank, and borrow $250m directly from the banks chosen to do the bond sale.