Moody’s assigns EnfraGen notes Ba3

Moody’s Investors Service said it assigned first-time Ba3 ratings to EnfraGen LLC and its proposed $710 million 10-year bullet senior secured notes issued by EnfraGen Energia Sur, SAU.

The notes will be issued, jointly and severally by EnfraGen Energía Sur, Prime Energía SpA and EnfraGen Spain, SAU. The three are privately-held companies and subsidiaries of EnfraGen, the parent company.

“The assigned ratings reflect the issuer’s well-diversified operations in the power markets in three different jurisdictions in Latin America (government of Colombia Baa2 Stable, government of Chile A1 negative and government of Panama Baa1 negative),” Moody’s said in a press release.

The senior secured notes will rank pari passu with a five-year $ 725 million of senior secured loan, or a total outstanding debt of $1.435 billion.

Proceeds will be used to refinance debt, fund the acquisition of a portfolio of operational solar projects in Chile, fund the acquisition of project Phoenix, reserves and pay transaction costs and other transaction expenses.

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