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.

Under the terms of the transaction, Loma Negra Compañía Industrial Argentina Sociedad Anónima 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 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 is an Argentine cement manufacturing company that procures raw materials from quarries, produces and sells concrete, and offers railroad transportation services and granular aggregates.

READ NEXT: 11 Best Stocks Under $3 to Buy Right Now and  10 Best High-Upside Materials Stocks to Buy

This article is originally published at Insider Monkey.