EPM clinches US$275mn loan agreement with IFC

- Tuesday, June 21, 2011

EPM clinches US$275mn loan agreement with IFC

The World Bank's private sector arm IFC has awarded Colombian multi-utility EPM an A/B loan of US$275mn.

Of the total, IFC is providing US$25mn as a seven-year loan, and syndication for the remaining US$250mn which will be lent on 5 and 7-year terms, the utility said in a statement.

EPM is seeking participants for the loan from the commercial banking sector in New York.

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Proceeds from the financing will be used to fund energy distribution and water infrastructure projects.

EPM plans to invest US$2.2bn in energy and water projects through end-2012.