December 21, 2012
Peru’s Gas Natural de Lima and Callao (Calidda) has selected Citi and Santander for an international bond transaction, according to a filing on the Peruvian bolsa. Exact timing and further details have yet to be determined, but a source familiar with the gas distributor’s plans says issuance size could reach $320m. Majority shareholder Grupo Energia de Bogota (EEB) took over Calidda in 2011, after buying a 60% stake from Houston-based energy company Ashmore Energy International for $350m. EEB and Colombian gas transporter Transportadora de Gas Internacional (TGI) will be used as pricing reference points as the debut issuer looks to tap low international rates enjoyed by Latin American peers. In April 2010, Calidda received a $50m loan from the IFC to help provide gas connections to more than 45,000 households. The financing was part of a $135m package which also involved regional development bank Corporacion Andina de Fomento (CAF). The funding was sought to help Calidda expand capacity of its distribution network from 255m cubic feet to 420m cubic feet a day and support implementation of Calidda’s $200m four-year investment plans. Gas Natural de Lima is the holder of a 33-year concession granted by the Government of Peru to build and operated the gas distribution network in Lima and Callao.
Peru’s Gas Natural de Lima and Callao (Calidda) has selected Citi and Santander for an international bond transaction, according to a filing on the Peruvian bolsa. Exact timing and further details have yet to be determined, but a source familiar with the gas distributor’s plans says issuance size could reach $320m. Majority shareholder Grupo Energia de Bogota (EEB) took over Calidda in 2011, after buying a 60% stake from Houston-based energy company Ashmore Energy International for $350m. EEB an