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.
Talk to the deal team
José Tomás Brahm
Alberto del Pedregal
Navitas Petroleum has issued bonds worth US$117 million
Navitas Petroleum has completed a fundraising to to refinance and develop the company.Learn more
Laptaria cu Caimac has raised growth capital
Laptaria cu Caimac has raised US$3.5 million via a corporate bond private placement that has attracted strong interest both from high-net-worth individuals and institutional investors.Learn more
International Investment Bank has raised capital through a bond issuance
International Investment Bank (IIB) has attracted a new round of financing from Romanian institutional investors for the sixth consecutive year. They attracted US$85 million through a bond issuance, with a three years maturity period (due in 2023) and a fixed coupon of 3.393% (RON denominated). The bonds received a 3A rating from Moody's and A- rating from Fitch and S&P.Learn more