Argos Readies Domestic Converts

Grupo Argos has authorized the sale of COP750m ($417m) in convertible bonds in Colombia’s domestic market, it says. The bonds are mandatorily convertible at any time into shares paying a preferred dividend, and can be issues in up to five tranches, with maturities of 2-5 years. The Colombian cement maker is able to cancel or defer the coupons of the bonds at its discretion, Fitch says in a report assigning a AA+ national scale rating. Bancolombia is managing the sale, for which the timing remains to be set.