- CODENSA had a demand for more than $850,000 million COP, equivalent to 2.5 times the offer.
- The Bonds placed are part of the CODENSA’s Ordinary Bond Issue and Placement Program.
- The resources will be used to refinance financial obligations and finance the investment plan.
Today CODENSA successfully placed bonds in the Colombian capital market for $430,000 million COP, with 2 and 5 year tenor, under its Ordinary Bond Issue and Placement Program approved by the Colombian Financial Superintendence.
Lucio Rubio, CEO of ENEL Colombia said: “We are satisfied with the resources obtained with this bond issue and we see that this is a result of the good financial moment that the Company is undergoing. With the placement we will support CODENSA’s investment plan, which focuses on modernizing and expanding our network, as well as improving the quality of service for our customers.”
The issuance, which is the fifth tranche of CODENSA’s Ordinary Bond Issue and Placement Program - Single Lot, had a total demand of 2.5 times the offered value, reaching $858,180 million COP and was awarded in two series:
- $160,000 million COP maturing in 2019 (2 year tenor) at a 7.04% interest rate in COP.
- $270,000 million COP maturing in 2022 (5 year tenor) at a 7.39% interest rate in COP.
The bonds have a AAA credit rating confirmed on July 25, 2016, by Fitch Ratings S.C.V. The rating agency emphasized in its report “the company’s low business risk profile that stems from the regulated nature of its revenues and its exposure to relatively low demand risks. They also show the moderate increase in the company’s leverage and solid credit profile, characterized by a robust generation of operating cash flow, low leverage and strong liquidity indicators.”
The bonds were placed through the Dutch auction mechanism carried out by the Colombian Stock Exchange, and the bookrunners of the offering were Corredores Davivienda S.A. Comisionista de Bolsa (leading agent), BBVA Valores S.A. Comisionista de Bolsa, Valores Bancolombia S.A. Comisionista de Bolsa and Credicorp Capital S.A. Comisionista de Bolsa.