By Reshmi Basu
New York, Feb. 7 - AES El Salvador Trust sold a $300 million offering of 10-year senior guaranteed notes (Baa3/NR/BBB-) at 99.511 to yield 6.819%, or 225 basis points more than Treasuries, according to a market source.
Credit Suisse was the bookrunner for the Rule 144A and Regulation S transaction.
AES El Salvador is an indirect subsidiary of AES and Energia Global International.
AES holds three electric distribution systems in El Salvador, which are Compania de Luz Electrica de Santa Ana, Compania de Alumbrado Electrico de San Salvador and Empresa Electrica del Oriente, SA. Those subsidiaries will guarantee the issuance.
Proceeds from the sale will be used for debt repayment and for general corporate purposes.
| Issuer: | AES El Salvador Trust
|
| Amount: | $300 million
|
| Issue: | Senior guaranteed notes
|
| Maturity: | Feb. 1, 2016
|
| Coupon: | 6¾%
|
| Issue price: | 99.511
|
| Yield: | 6.819%
|
| Spread: | 225 basis points more than Treasuries
|
| Call option: | Make-whole call at Treasuries plus 45 basis points
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 14
|
| Bookrunner: | Credit Suisse
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
| Price guidance: | 225 basis points more than Treasuries
|
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