Aguas Andinas plans two bond issues for up to US$243mn each

- Wednesday, October 26, 2011

Aguas Andinas plans two bond issues for up to US$243mn each

The board of Chilean water utility Aguas Andinas has approved a plan to offer two bond issues for up to 5.5mn UFs (inflation linked units, some US$243mn) each.

The bond series will have a 30-year maturity rate and will be issued in either pesos or UFs, to be determined on the date of the issue, the company said in a filing with securities and insurance regulator SVS.

Aguas Andinas will use the proceeds of the sale to refinance its liabilities and investment financing.

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The bonds will not be convertible to company shares and will be paid in pesos, the filing reads.

Aguas Andinas, Chile's largest water utility, is controlled by Aguas de Barcelona (Agbar), owned by French group Suez Environnement.

In June, the government raised US$984mn from the sale of a 30% stake in the company through an auction held at Santiago bourse BCS.