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 banks...
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