Pan American pays higher rate on local notes

Pan American pays higher rate on local notes

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Argentina Latin America

Pan American Energy, the second largest oil producer in Argentina, said Wednesday that it sold $50 million in five-year US dollar-linked bonds, paying more than previously expected in interest. The company, a joint venture between BP and Argentina's Bridas, had offered the new note and reopened a three-year note that it had sold at the start of September at 0% over currency depreciation. However, all of the bids went for the new notes, which priced at 4.75% over the deprecation of the wholesale

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