Rubiales Targets $1bn

Rubiales Targets $1bn

Colombia Bonds

Pacific Rubiales is looking at a $1bn 2023 bond, according to Fitch, which assigns a BB+ rating to the potential sale. The Colombian-Canadian E&P operation is visiting the buyside in Europe, LatAm and North America today through Thursday. Proceeds from the transaction will be partially used to pay a $354m revolving credit facility and strengthen the company’s liquidity position and improve its on-hand cash position. Bank of America Merrill Lynch, Citi, Credit Suisse and Itau are managing. Ba2/BB

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