Chilean state-owned oil company ENAP and digital infrastructure provider ATP are gearing up to sell bonds in the international market this week to fund tender offers getting underway.
ENAP began calling investors on Monday to pitch a sale of 10-year notes, a source familiar with the deal told LatinFinance. It has hired Bank of America, Itaú BBA, JPMorgan, Santander and Scotiabank as joint bookrunners on the Rule 144A/Reg S offering, the source said.
The company will use the proceeds to repurchase notes maturing in 2026 and 2031 and the remainder for general corporate purposes, the source added.
Moody’s said ENAP is looking to issue up to $700 million worth of senior unsecured bonds. It assigned the notes a Baa3 rating.
ENAP said Monday in a press release it commenced an offer to repurchase any or all of the $700 million outstanding on its 3.75% 2026 bonds and as much as $200 million of the $560 million outstanding in 3.45% 2031 notes.
The company did not disclose the offer price but said it is offering a $50 early-bird premium for every $1,000 in principal on 2031 notes tendered by August 2.
ATP TOWERS
ATP, for its part, said it plans to tap the cross-border market to fund a tender offer announced Monday for any or all of the $375 million outstanding on its 4.05% 2026 notes.
The Florida-based company, which operates communications infrastructure in Chile, Colombia and Peru, is offering to pay $990 for every $1,000 in principal turned in by July 30, it said in a press release. Goldman Sachs, JPMorgan, Deutsche Bank and Scotiabank are dealer managers on the buyback, it added.
Meanwhile, South American agribusiness Adecoagro said it plans to use cash on hand to repurchase bonds maturing in 2027, according to an offer for purchase document seen by LatinFinance. The company reported having $136 million in cash at the end of March.
Adecoagro, which has operations in Brazil, Uruguay and Argentina, is looking to buy back as much as $100 million of the $500 million outstanding on its 6% 2027 bonds, putting up $980 for every note tendered by August 2, including a $30 early-bird premium, it said Monday in a separate press release. After that, it will pay $950 through August 19.
JPMorgan and Morgan Stanley are dealer managers on the buyback, the company added.