Ripley Sells $118m UF Notes

Chile’s Ripley has sold $118m equivalent in inflation-indexed bonds on the domestic market. The retailer sold UF2m ($79m) in 2016 bonds at 97.97 with a 4.00% coupon to yield 4.45%, and UF1m in 2030 bonds at 99.55 with a 5% coupon to yield 5.04%. The tranches feature 3 and 10-year grace periods, respectively. Ripley elected not to issue CLP-denominated bonds available under the same program. It will use proceeds from the sale, rated A+/AA minus on a national scale, to refinance existing debt. IM Trust managed the transaction.