Central America / Caribbean corporate with the best capital markets strategy

Central America / Caribbean corporate with the best capital markets strategy

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 came in with $470 million equivalent in colones. Banco de Costa Rica, Banco Nacional de Costa

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