WOM bats away Chile unrest for divi debut

AdobeStock Chile Flag 230x150
By Oliver West
21 Nov 2019

Chilean mobile phone operator WOM approached bond markets for the first time on Thursday seeking $450m of senior unsecured notes to refinance its existing capital structure and complete a dividend recap.

Lead bookrunners Bank of America and JP Morgan set initial price thoughts of high 6%-7% but could not compress pricing by much, launching the B1/B+/BB- rated five year non-call two notes at 6.875%.

“From a credit perspective I think high sixes makes sense but I am slightly surprised that, ...

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