Colombia’s largest cement company, Cementos Argos SA , Wednesday sold COP70bn (US$38m) worth of commercial notes, said Bancolombia’s (CIB) investment bank, which handled the sale.
Cementos Argos said in January that it will use the proceeds to pay back part of the COP250bn worth of local bonds that expire in August.
Total demand for the notes was about six times the amount sold.
The one-year notes will pay a yield of 11.09%.
With Wednesday’s sale, Cementos Argos concludes selling COP300 billion worth of notes it approved earlier this year.
Cementos Argos also plans to sell as much as US$400m worth of bonds in the US market in 2008, the Medellin-based company said earlier this year.