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Banco Promerica to issue bonds worth up to 7.5B Costa Rican colones

Banco Promerica de Costa Rica SA plans to issue three series of bonds worth up to 7.5 billion Costa Rican colones in the coming days, with each issuance worth 2.5 billion colones.

According to securities filings dated Feb. 21, the 1,080-day series G10 bonds carry a 10.05% interest rate and will be issued Feb. 26.

On Feb. 28, the bank will offer the 1,440-day series G11 bonds carrying an interest rate of 10.33%.

The Costa Rica-based bank on Feb. 26 will also issue the 1,260-day series G12 bonds with an interest rate of 10.16%.

The proceeds from the offering will be used for the diversification of funding sources for financial intermediation, the company said.

As of Feb. 21, US$1 was equivalent to 571.75 Costa Rican colones.