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Chile's SAAM completes new bond issue for $50.6m

Chile-based SAAM, the largest operator of port, towage and logistics services in the Americas, has placed a total of $50.6m in bonds on the local market at the Santiago Stock Exchange.

The funds will be used to finance investments and for other corporate uses.

“Once again, the market is giving us a sign of confidence, demonstrating significant interest in our company’s debt issuances despite high volatility in the market. This crisis has dealt a blow to economies around the world, but our outlook is long term and we continue to move forward to reinforce our growth plan and consolidate our position in the twelve countries where we operate,” commented SAAM's ceo Macario Valdés.

A total of Unidad de Fomento (UF) 1.4 million in H series 10-year bonds was placed with a coupon rate of 1.25%. The company has a solid risk rating of AA-. This issuance comes on the back of another UF 1.2 million placed in June, totaling UF 2.6 million in the market this year.

The placement was advised by Banchile Citi Global Markets and Link Capital Partners.

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