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Camposol SA launched a cash tender offer to repurchase any and all of its oustanding 6% 2027s at par (excluding accrued interest). The offer expires on 16 December 2025. This buyback is part of a broader strategic financing and liability management plan, supported by a new five-year $400mn term loan which is aimed at refinancing the 2027s. This is said to help in reducing outstanding bond liabilities and improving its maturity profile and credit metrics.
In parallel, Camposol and its senior unsecured notes were upgraded to B2 from B3 by Moody’s, with a positive outlook. The upgrade reflects stronger operating performance, improved leverage and liquidity, and support from the aforementioned loan five-year loan. Moody’s however continues to recognise risks from cash flow volatility, the company’s relatively small size and geographic concentration.
Camposol’s 6% 2027s are trading at 99.598, yielding 6.36%.
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