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Empresa Eléctrica Cochrane SpA has completed an inaugural local bond placement for US$485 million

Empresa Eléctrica Cochrane SpA (Cochrane) has completed a fundraising. Cochrane decided to carry out the refinancing process of the plant’s project finance for a total amount of US$915 million by issuing an international bond (US$430 million) and a syndicated bridge loan (US$445 million) between Chilean investors, that would be exchanged to a local bond (US$485 million) after its registration with the regulator.

For the US$485 million bond placement, most of the demand was already secured through a novation of the syndicated loan to bonds, and promises to purchase signed with investors.

Cochrane operates a thermal power plant located in Mejillones in the Antofagasta Region, which provides energy to the Sistema Eléctrico Nacional (SEN) in Chile. It has two pulverized-coal units with a total installed capacity of 550 MW. It is controlled by AES Gener S.A. (60% ownership). The construction of the plant began in 2013 and commercial operation started in 2016. Cochrane has an annual production of +3 TWh.

Oaklins’ team in Chile advised Empresa Eléctrica Cochrane SpA and acted as structuring agent and bookrunner in the placement of the inaugural local bond.

Service
Funding, debt advisory & ECM
Parties

Talk to the deal team

 José Tomás Brahm

José Tomás Brahm

Director

Santiago, Chile
Oaklins LarrainVial
 Nicolás  Gellona

Nicolás Gellona

Associate

Santiago, Chile
Oaklins LarrainVial
 Alberto  del Pedregal

Alberto del Pedregal

Analyst

Santiago, Chile
Oaklins LarrainVial

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