Colombia's Isagén set for US$900mn debt offering

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Friday, February 9, 2018

Colombian power company Isagén will issue up to 2.5tn pesos (US$880mn) of debt as part of a capital raising plan.

The operation will include ordinary bonds and commercial papers denominated in Colombian pesos, US dollars and the country's inflation-indexed currency unit UVR, according to a filing with local securities regulator Superfinanciera.

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The issuance will target shareholders and pension funds, among other investors, and the minimum offer for ordinary bonds has been set at 10mn pesos, according to the filing.

Isagén provided no details about how proceeds from the offering will be used.

Based in Medellín, Isagén boasts 3GW of installed power capacity, accounting for around 17% of Colombia's electricity generation potential.

In 2016, the government sold its majority stake in the company for US$2bn to a group led by Canada's Brookfield Asset Management.