By Susanna Moon
Chicago, March 24 - Rurelec plc's 50.01% owned subsidiary Empresa Guaracachi SA said it placed a $19.2 million tranche of 12-year unsecured bonds, completing its placement program announced in December 2007.
The coupon is 9¾%, and the principal is to repaid in three equal installments in years 10, 11 and 12, according to a press release.
The bonds are rated AA+ by Pacific Credit Ratings and were placed with Bolivian financial institutions by Credibolsa, the brokerage arm of Banco de Credito de Peru.
The first tranche, announced on Dec. 3, 2007, consisted of $16 million of 8.55% 10-year bonds. Principal is to be repaid in three equal installments in years eight, nine and 10.
The bond program will help provide the bulk of financing for the 96-megawatt combined cycle expansion project due to enter service before the end of this year.
Funding for the project also will consist of a $20 million loan from the regional development bank Corporacion Andina de Fomento and the German government's development arm KfW. The loan is repayable in eight equal installments, with the first repayment due in February 2011. The average annual interest rate on the loan is Libor plus 304 basis points, making the current interest rate 5.61%.
Rurelec is a London-based company engaged in the acquisition and development of power generation assets initially in markets in South America.
| Issuer: | Empresa Guaracachi SA
|
| Issue: | Unsecured bonds
|
| Amount: | $19.2 million
|
| Maturity: | 12 years
|
| Underwriter: | Credibolsa
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Settlement date: | March 24
|
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