Peru Fish Exporter Retaps

Peru’s Corporacion Pesquera Inca (Copeinca) emerged Thursday with a $75m retap of its senior unsecured 2017 bonds, seeing total demand of $350m. Peru’s second-largest fishmeal producer reopened the 9.00% coupon bonds at 107.00 to yield 6.989% to maturity, or 6.246% to a 2014 call. The deal priced at the tight end of 106.5-area guidance, and flat to 107.00 secondary levels, bankers on the deal say. At least $35m of the proceeds will be used to repay leases that are part of the company’s financial debt, while remaining funds will be used for general corporate purposes, according to Fitch. BTG Pactual and Santander managed the deal, which brings the bond’s total outstanding size to $250m. B+/B2 Copeinca is a wholly owned subsidiary of Copeinca ASA, which guarantees the notes.