Elecnor unit to issue $593 million of 30-year project bonds

By Caroline Salls

Pittsburgh, May 5 – Elecnor, through its Chilean subsidiary Celeo Networks Operation Chile, agreed to issue $593 million of 30-year project bonds in two tranches, according to a news release.

The issuance will include a $379 million international tranche at an interest rate of 5.2%, with closing expected in the next few days. The international portion was sold under Rule 144A and Regulation S.

There is also a Unidades de Fomento denominated tranche sized at UF 5,410,500, equivalent to $214.93 million, with an interest rate of 2.99%.

The local tranche was placed through the Santiago Stock Exchange via Dutch auction.

The placement funds will be used for the refinancing of transmission line projects in Chile and for other corporate purposes.

Elecnor is a Madrid-based project development, construction and operation company.

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