Loma Negra (LOMA) $500M Bond Placement to Fund Operations

Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) is one of the best high-upside materials stocks to buy. On January 20, Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) closed the public placement of $500 million in Class 6 negotiable bonds under its existing non-convertible bond program.

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Under the terms of the transaction, Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) placed $60 million in Class 6 bonds at a 6.50% interest rate and 100% of face value. The issuance and settlement of the notes were set for January 23, followed by a 36‑month bullet maturity and semiannual interest payments. Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) said that this private placement provides medium-term financing stability to support its funding needs for operations within the Argentine construction industry. Following the deal, the company’s stock rose from $11.55 in January 20 to $12.36 on January 27, before a continuous 8-day fall to $10.78 on February 5.

Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) is an Argentine cement manufacturing company that procures raw materials from quarries, produces and sells concrete, and offers railroad transportation services and granular aggregates.

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Disclosure: None. This article is originally published at Insider Monkey.