Cencosud Pricing Emerges

Chilean retailer Cencosud launched this week a $490m 5-year amortizer which it hopes to close in January, a month expected to be very busy in the loan market. The deal steps up from Libor plus 35bp in year one to 40bp in year two, 45bp in year three and 60bp in years four and five. The loan amortizes by 25% in years three and four and the remaining 50% in year five. Participants will get fees of 25bp for a $50m ticket, 17.5bp for a $25m ticket and 12.5bp for $15m. Santander is leading the deal and BBVA and BNP have already joined as bookrunners.