Central America / Caribbean corporate with the best capital markets strategy
ICE closes a novel financing package, effectively using markets to fund growth
Costa Rican electricity utility Instituto Costarricense de
Electricidad (ICE) lit up the market with a different type of
deal this year. It closed a $905 million financing, package for
the 305.5 megawatt Reventazón hydroelectric project it
sponsors, using a rare structure partly made up of a bond
supported by the Inter-American Development Bank (IDB). The
February 2014 package included a $200 million A/B loan from the
IDB. Of this, the B tranche - $135 million - was then privately
placed with bond investors through the Reventazón
Finance Trust. Separately, the IFC lent $100 million, and local
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.