Napocor stumbles towards finishing line

After a day fuelled by rumours that its bond deal was about to be pulled, the electricity utility puts out wider-than-expected indicative pricing.
January 31, 2002

A $500 million seven-year bond deal remains on schedule to price in New York tonight (Friday) on an indicative yield of 9.25% to 9.50%. With Bear Stearns as bookrunner and JPMorgan as joint-lead, the deal carries a Baa3/BBB- rating, one notch above the sovereign ceiling, as a result of its political risk insurance (PRI).

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