Colombian energy firms line up US$580mn in financing

Financing for a combined US$580mn is in the pipeline for Colombian companies Grupo Energía Bogotá (GEB), Gas Natural del Oriente (Gasoriente) and Promigas.

The bulk of funds are for GEB which in a filing to local securities regulator Superfinanciera said that it secured authorization from the finance ministry to enter into an external loan agreement for up to US$509mn to finance this year’s investment plan.

The deal is with UMB Bank as administrative agent and lenders The Bank of Nova Scotia, Sumitomo Mitsui Banking, Bank of China (Panamá branch), Citibank International Banking Facility and Banco de Sabadell (Miami branch).

Read Colombia's GEB outlines US$2bn investment plan

For its part, Gasoriente reported to the watchdog that its board authorized the company’s principal legal representative and/or alternates to obtain loans for up to 14.5bn pesos (US$3mn).

In the case of Promigas, the board authorized the company’s legal representative to secure financing for operations in Peru, a Superfinanciera relevant fact shows.

The transactions include loans for up to US$18mn and 191mn soles (US$49.5mn) to guarantee the availability of resources for the maturities of bank debt until December 2024 of Gases del Pacífico (Quavii).

Another operation is for US$150,000 to back the issue of the guarantee of Gases del Norte (Gasnorp) in favor of LNG Holding to guarantee contractual obligations.

Two final transactions, also for Gasnorp, are loans for up to US$39mn and 7mn soles to guarantee the availability of resources for the maturities of bank debt until December 2024.

In a related regulatory filing, Isagen said that its board authorized the modification of the issue and placement program of ordinary bonds and commercial papers to include green, social and sustainable bonds, widen the amount to 10tn pesos and extends its term by five years.