Chilean retailer Cencosud is gearing up to sell its first bonds in the international market in nearly six years, according to a source involved in the deal.
The company began calling investors on Monday to pitch the sale of seven-year US dollar-denominated notes, the source said. It hired Bank of America, JPMorgan and Santander as joint bookrunners on the Rule 144A/Reg S offering, the person said.
Cencosud CEO Rodrigo Larraín will conduct in-person meetings with investors, while CFO Andrés Neely will hold virtual meetings, according to an investor presentation.
Moody’s said in a report that it rates the new bonds Baa3, the lowest investment grade.
Santiago-based Cencosud plans to use the proceeds to refinance debt, including the $524 million outstanding on its 2025 notes, the ratings agency said.
The company last issued global bonds in July 2017 when it sold $1 billion worth of 10-year notes.