Chilean incumbent Entel has sealed its first foreign bond offering after selling US$1bn notes in New York.
All the proceeds of the issue, which was 4.5 times oversubscribed, have been earmarked for debt refinancing.
As of 30 June, Entel’s upcoming…
Chilean incumbent Entel has sealed its first foreign bond offering after selling US$1bn notes in New York.
All the proceeds of the issue, which was 4.5 times oversubscribed, have been earmarked for debt refinancing.
As of 30 June, Entel’s upcoming debt maturities include US$200m due June 2014, US$200m due December 2014 and the US$400m bridge loan due February 2014 used to fund Entel’s recent acquisition of Nextel Peru.
The offering followed an international roadshow which touched down in London, Latin America and the US.
The notes have an average maturity of 10 years and priced at 245 basis points above US treasuries.
HSBC and Citi were lead underwriters and financial advisers on the offering, which was rated Baa2 by Moody’s and BBB+ by S&P.
In a statement Entel’s CFO Felipe Ureta said he was pleased by the confidence investors had in the operator given the volatility of the market.
Santiago-based Entel provides mobile, long-distance, private data network, internet and local services.
