By Mary-Katherine Stinson
Lexington, Ky., Aug. 31 – Chile Electricity Lux MPC Sarl issued $784.25 million of 6.01% series 2023-1 senior secured B-2 notes due 2033 (A2/A), according to a prospectus.
The MPC securities will be guaranteed by the full faith and credit of Chile as authorized by each MPC security guarantee decree. The MPC security guarantees are subject to Chilean law and jurisdiction and may not exceed at any time $1.8 billion.
The notes priced at 100.008.
The notes will mature on Jan. 20, 2033, which is expected to be at least 11 Chilean business days following the Dec. 30, 2032 MPC security payment date.
The securities are non-callable.
Goldman Sachs & Co. LLC is the sole global coordinator. Additional bookrunners are Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC.
The net proceeds from the issuance and sale of the notes will be used to fund the indenture accounts and the issuer’s purchase of the B-2 facility participation from IDB Invest under a participation agreement. IDB Invest will, in turn, apply the funds to fund the purchase price of the long-term MPC securities from certain Chilean power generation companies including the payment of fees, costs and expenses relating to the facility and funding the purchase facility expense reserve accounts to their initial required balance.
Chile Electricity is a special purpose vehicle incorporated as a private limited liability company and as an unregulated securitization company under the laws of Luxembourg.
| Issuer: | Chile Electricity Lux MPC Sarl
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| Guarantor: | Chile
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| Amount: | $784.25 million
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| Issue: | Senior secured notes
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| Maturity: | Jan. 20, 2033
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| Bookrunners: | Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC
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| Counsel to initial purchasers: | Clifford Chance US LLP (U.S. law), Estudio Guerrero Olivos (Chilean law), Clifford Chance Luxembourg (Luxembourg law) and Mazars USA LLP
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| Coupon: | 6.01%
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| Price: | 100.008
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| Call features: | Non-callable
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 30
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| Listing date: | Aug. 31
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| Ratings: | Moody’s: A2
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| S&P: A
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| Distribution: | Rule 144A and Regulation S
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| Cusips: | 168829AA7, L15669AA9
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