Endesa's Colombian Unit Emgesa Sells COP265 Billion In Local Bonds
12 February 2009 - 10:07AM
Dow Jones News
Emgesa SA, the Colombian power generation company controlled by
Spanish energy giant Endesa SA (ELE.MC), sold as much as 265
billion Colombian pesos ($104 million) worth of bonds in the local
market on Wednesday, the Colombian stock exchange said in a
statement.
Emgesa originally planned to sell COP180 billion worth of bonds
though it raised the amount sold as demand was COP633 billion, much
more than the amount offered, the statement said.
The new bonds will mature in five, ten and 15 years.
Emgesa will pay the DTF benchmark rate plus a spread of 1.47
percentage points on the COP49 billion worth of five-year
bonds.
The DTF is a weighted average of the rates paid by Colombian
financial institutions on 90-day certificates of deposit.
The company will pay the consumer price index rate plus 5.78
percentage points on the COP160 billion worth of 10-year bonds and
consumer price index rate plus a spread of 6.09 percentage points
on COP56 billion worth of the 15-year bonds.
The three spreads are lower than the maximum the company was
ready to pay.
Citivalores, the local brokerage of Citigroup (C), handled the
bond sale.
Several Colombian companies have tapped the local capital market
with bond sales since late November 2008, taking advantage of
pension funds and banks' high liquidity.
-By Inti Landauro, Dow Jones Newswires; 571-6107044 Ext 1131;
colombia@dowjones.com
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