Marking its debut in international capital markets, Petroquímica Comodoro Rivadavia SA (PCR) , together with its subsidiary Luz de Tres Picos SA, successfully placed its first international bond , corresponding to Class I Negotiable Obligations , for a total amount of USD 400 million .
The issue, whose initial amount was up to USD 350 million , was expanded to the amount finally issued as a result of strong investor demand during the placement process.
This transaction significantly strengthens the company's financial profile and reaffirms its access to local and international capital markets to continue supporting its long-term growth strategy.
The bond issue, denominated in US dollars and governed by the laws of the State of New York, has an eight-year term and an annual interest rate of 8.5% . The placement was conducted through a book-building process and received demand of nearly US$1 billion , equivalent to almost 2.5 times the amount ultimately issued. The transaction saw broad participation from international investors, primarily from the United States and Europe, and strong support from local investors.
Itaú BBA, BBVA and Santander acted as Global Coordinators and Joint Bookrunners, Balanz as Joint Bookrunner, Galicia Capital US, LLC as International Selling Agent and Allaria, Balanz, ICBC, Banco Santander and Banco Galicia as Local Placement Agents.
The funds obtained will be primarily used to cancel and pre-cancellation of financial debt of PCR and Luz de Tres Picos, strengthening the financial structure of both companies, as well as to develop investment projects in the energy sector.
“The success of this first international issuance represents a clear recognition of the strength of our business, the financial discipline that characterizes us, and the relationship of trust that we continuously build with banks and investors,” said Juan Giglio , Finance Director of PCR.
“Access to international capital markets is a major milestone for PCR, which will allow it to have greater international visibility and provide greater flexibility to continue investing in strategic projects that drive Argentina’s energy and industrial development, consolidating our long-term growth,” he added.
Over the past few years, PCR has consolidated a sustained process of expansion and diversification of its activities. The company continues to strengthen its oil and gas operations in Argentina, Ecuador, and the United States; is developing one of the country's largest private renewable energy portfolios; and maintains a significant position in the cement industry in the Patagonia region.