Cement Company to Meet Buyside

Guatemala’s Cementos Progreso is readying fixed-income investor meetings ahead of what would be its debut international bond sale. Fitch assigns a BB+ to a senior secured 2023 of up to $300m. The cement company will meet accounts in Santiago, Lima, New York, London, Boston, Switzerland, Los Angeles and Miami through October 28. A 144A/Reg S transaction may follow subject to market conditions. Deutsche Bank is managing. Peter Giesemann, Progreso’s corporate finance head, told LatinFinance in July that it sees Peru’s Cementos Pacasmayo (BB+/BBB minus) as a potential reference point. Pacasmayo generated $2.5bn in orders for a $300m bond in February, printing a 2023 at a 4.625% yield well below expectations. Progreso, founded in 1899, produces and distributes cement and construction materials. It held a $30m private placement in 1998, led by Citi, and has also raised domestic debt.