Costa Rica’s ICE Clinches A/B Funds

The Instituto Costarricense de Electricidad (ICE) has raised $391m through an IDB A/B facility, say bankers on the deal. The multilateral lent the utility $181m in a 15-year credit at an undisclosed rate, marking a new benchmark for the country’s loan market, says a participant on the deal. A $210m 10-year B loan, led by Citi, offers Libor plus 300bp. The funds constitute an unsecured corporate loan, though ICE is owned by the Costa Rican government, which is rated BB+ by S&P. MLAs in the deal include Banco General, BNP Paribas, KFW Idex and Sumitomo Mitsui. The loan was heard oversubscribed.