Promigas Closes in on Local Bonds

Promigas will look to issue up to COP500bn ($281m) in Colombia’s domestic bond market on January 29, according to people familiar with the gas company’s plans. The issuer is heard able to select among IPC-linked 7-year, 10-year, and 20-year tranches. The proceeds will be used to refinance liabilities. Corficolombiana is managing the deal, rated AAA on a national scale, with Casa de Bolsa, Corredores Asociados and Serfinco also acting as bookrunners. Promigas last sold bonds in the domestic market in August 2009, raising COP400bn at various maturities via Bancolombia.