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Economy

Gas pipeline Promigas sells COP400 billion in bonds

by Adriaan Alsema August 27, 2009

Colombia news - Gas Colombia

Colombia’s second-largest gas pipeline operator, Promigas SA, Thursday sold 400 billion Colombian pesos ($197 million)
worth of bonds, the country’s stock market said.

Total demand for the bonds was more than double than the amount offered.

The company will use the proceeds to “substitute” debt and to
extend the maturity of its liabilities, according to the company’s
prospectus.

Promigas sold bonds maturing in seven years at inflation plus a
spread of 4.95 percentage points. It also sold 10-year bonds at
inflation plus a spread of 5.40 percentage points and 15-year bonds at
inflation plus a spread of 5.99 percentage points.

Promigas is among a group of Colombian companies that have tapped
the corporate-debt market, aiming to take advantage of high liquidity
and low interest rates.

Recent issuers included mortgage securitization company
Titularizadora Colombiana, which Wednesday sold COP132.7 billion; the
country’s largest airline, Avianca SA, which sold COP500 billion on
Tuesday; and the country’s largest food company, Grupo Nacional de
Chocolates (CHOCOLATE.BO), which last week sold COP500 billion.

In August, private and public companies have sold COP2.35 trillion worth of bonds. (Dow Jones)

bondseconomyforeign investment

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