US HY bid helps LatAm Navios to increase bond return

By Oliver West
10 Apr 2014

Uruguay-headquartered Navios South American Logistics returned to the capital markets on Tuesday and found strong demand among US high yield investors to price an eight year non call three bond to finance a liability management exercise.

Navios sold $375m of the bonds at a yield of 7.25% — in line with price guidance but larger than the initially planned $350m. Books for the deal, which JP Morgan and Morgan Stanley ran off their US high yield desks, reached $1.5bn.

Proceeds will be used to fund a ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial

Want to learn more? View subscription options