Moody’s assigns Ba1 rating to Cochrane’s notes

Moody’s Investors Service said it assigned a Ba1 rating to Empresa Electrica Cochrane SpA’s proposed offering of up to $430 million of 7.5 year senior secured notes due in 2027.

The notes will fully amortize in 15 semiannual installments.

This is the first time Moody’s assigned ratings to Cochrane, the agency said.

Proceeds will be used largely to repay Cochrane’s project finance debt of around $864 million. The balance and around $37 million released from existing project finance reserve accounts will be used for general corporate purposes and to fund the transaction´s associated costs, including the termination of the existing hedging agreement of around $40 million.

Cochrane will also enter a 15-year $485 million senior secured bank facility.

The rating outlook is stable.

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