M&G Hits the Road

M&G Finance, a petrochemical company with operations in LatAm, kicked off roadshows yesterday to market a $500m 7NC4 dollar bond. The 144A/RegS deal was shown to investors on Monday in New Jersey and is scheduled to move to New York, Boston, San Francisco, and Los Angeles through Thursday before wrapping up in London next Monday. The Italian-based company with a LatAm presence is a producer of polyethylene terephthalate (PET) resin for packaging applications. Bond proceeds are expected to address capex, debt repayment, liquidity and working capital. The bond is expected to get a B3/BB rating from Moody’s and Fitch. Given its presence in developing countries, the deal is being sold off both high-yield and EM desks. JPMorgan is the sole lead on the transaction.