CND Retires $119m Bonds

Dominican brewer Cerveceria Nacional Dominicana will buy back $118.7m in 8% of 2014 notes following the conclusion of a tender offer. CND had offered to buy back up to $130m of the issue, of which there was $205m outstanding. The repurchase is to be funded in the short term through a $100m credit facility from Standard Bank, who also acted as dealer manager. CND plans to swap the debt to pesos, using proceeds from an offering of up to DOP4.1bn ($130m) in the local markets arranged by Banco Leon, Banco BHD and Banco Popular. The local placement is pending regulatory approval and expected by the end of April.