Falabella Issuing COP Bonds

Chilean retailer Falabella is selling COP100bn ($51m) in bonds today via its first ever issue in the Colombian market. Laura Ramirez, DCM director at Correval, one of the banks handling the sale, tells LatinFinance that the bonds will be divided into 3 series. One will pay a fixed 6.5% and be due in 2 years, another– also for 2 years – will pay 170bp over DTF, and the third series, due in 3 years, will pay 200bp over DTF. The issue is rated AAA by Fitch and proceeds will go to substitute some existing debt and to finance capex, adds Ramirez. IMTrust structured the notes, and in addition to Correval, Bancolombia, Corredores Asociados, Interbolsa and Proyectar are handling the sale.