BEST INFRASTRUCTURE FINANCING: CENTRAL AMERICA

BEST INFRASTRUCTURE FINANCING: CENTRAL AMERICA

  Celsia’s $320 million 2025 bond sale in Panama’s capital markets was the result of a process almost three years in the making. The power company, a subsidiary of Colombian conglomerate Grupo Argos, took out a bridge loan with its relationship banks when it entered Central America in 2014. But to extend this financing, Celsia bided its time, waiting for the opportune moment to tap the capital markets. After extensive investor meetings, it found that window last December when the company tapped a new investor base of Panamanian financial institutions and brokerage houses, a seldom-utilized capital marketplace. “It is in our DNA to develop the regional capital markets,” says Celsia CFO Esteba

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