Empresa Eléctrica Cochrane SpA has completed an inaugural local bond placement for US$485 million
July 2020 — 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.
Our role in the transaction
Oaklins’ team in Chile advised Empresa Eléctrica Cochrane SpA and acted as structuring agent and bookrunner in the placement of the inaugural local bond.
Contáctese con el equipo de la transacción
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