Endesa's Colombian Unit Emgesa Sells Up To COP265 Billion In Bonds
February 10 2009 - 11:57AM
Dow Jones News
Emgesa SA, the Colombian power generation company controlled by
Spanish energy giant Endesa SA (ELE.MC), will sell as much as 265
billion Colombian pesos ($106 million) worth of bonds in the local
market on Wednesday and Thursday, the company said in an ad
published in La Republica newspaper.
Emgesa originally plans to sell COP180 billion worth of bonds
and will raise the amount if demand is high enough, the company
said.
The new bonds will mature in five, 10 and 15 years.
Emgesa is ready to pay the country's benchmark interest rate,
known as DTF, plus a spread of 1.80 percentage points on the
five-year bonds.
The DTF is a weighted average of the rates paid by Colombian
financial institutions on 90-day certificates of deposit.
The company plans to pay a maximum yield of consumer price index
plus 6 percentage points on the 10-year bonds and consumer price
index plus 6.20 percentage points.
Citivalores, the local brokerage of Citigroup (C), will handle
the bond sale.
Several Colombian companies have tapped the local capital market
with bond sales since late November 2008, taking advantage of high
liquidity.
-By Inti Landauro, Dow Jones Newswires; 571-6107044 Ext 1131;
colombia@dowjones.com
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