Colombia’s Cementos Argos Sells COP80bn in One-Year Notes

Colombia’s Cementos Argos Sells COP80bn in One-Year Notes
Published: 23 May 2008

Colombia’s largest cement company, Cementos Argos SA, Thursday sold COP80bn (US$45m) worth of commercial notes, the company told the securities regulator.
 
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 five times the amount sold.
 
The one-year notes will pay a yield of 11.08%.
 
The sale is part of the COP300bn worth of notes the cement company approved earlier this year.
 
The sale of commercial notes comes one day after Colombia’s sole mortgage securitisation company, Titularizadora Colombiana, sold COP370bn worth of bonds backed by performing residential loans.
 
On Tuesday, the country’s third-largest bank in terms of assets, Banco Davivienda SA, sold COP75bn worth of seven-year subordinated bonds.
 
Cementos Argos also plan to sell as much as $400 million worth of bonds in the U.S. market in 2008, the Medellin-based company said earlier this year.