Gas Natural has won the auction to acquire a portfolio of EDF electric generation assets in Mexico, it said in a statement. The package includes five combined-cycle gas-fired plants totaling 2,233 megawatts, their operating company Comego and the 53km Gasoducto del Rio pipeline. The Barcelona-based utility plans to fully finance the $1.45bn acquisition through debt. The deal is expected to be completed by the end of the year following approval from Mexican and French authorities. The transaction will be earnings accretive from the first year, Gas Natural said. Gas Natural is now Mexico’s second-largest private power generator. JPMorgan ran the sale for EDF, while UBS advised Gas Natural.
Category: Regions
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Gas Natural Gets EDF Mexico Power Pack (1)
Gas Natural has won the auction to acquire a portfolio of EDF electric generation assets in Mexico, it said in a statement. The package includes five combined-cycle gas-fired plants totaling 2,233 megawatts, their operating company Comego and the 53km Gasoducto del Rio pipeline. The Barcelona-based utility plans to fully finance the $1.45bn acquisition through debt. The deal is expected to be completed by the end of the year following approval from Mexican and French authorities. The transaction will be earnings accretive from the first year, Gas Natural said. Gas Natural is now Mexico’s second-largest private power generator. JPMorgan ran the sale for EDF, while UBS advised Gas Natural.
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Goldman Sees no Change in Colombia, Mexico Rates
Goldman Sachs predicts no change in rates today from the central banks of Colombia and Mexico. The shop forecasts a 9.25% rate in Colombia, which will look to further reassess the domestic and external backdrop. “The bank will probably also take some comfort from the fact that leading indicators of activity are showing some moderation at the margin,” says Goldman. Meanwhile, it expects Banxico to hold the TdF and corto at 7.25% and MXP79m, respectively. “Banxico will keep the tightening bias, observing that it stands ready to tighten if the prolonged wage of relative price shocks leads to disorderly price gouging and higher wages,” says Goldman, adding that the TdF will not likely change for the rest of 2007. Elsewhere, the shop notes a hawkish tone to Brazil copom minutes.
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Goldman Sees no Change in Colombia, Mexico Rates (1)
Goldman Sachs predicts no change in rates today from the central banks of Colombia and Mexico. The shop forecasts a 9.25% rate in Colombia, which will look to further reassess the domestic and external backdrop. “The bank will probably also take some comfort from the fact that leading indicators of activity are showing some moderation at the margin,” says Goldman. Meanwhile, it expects Banxico to hold the TdF and corto at 7.25% and MXP79m, respectively. “Banxico will keep the tightening bias, observing that it stands ready to tighten if the prolonged wage of relative price shocks leads to disorderly price gouging and higher wages,” says Goldman, adding that the TdF will not likely change for the rest of 2007. Elsewhere, the shop notes a hawkish tone to Brazil copom minutes.
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Ecopetrol Foreign Equity Tranche on Ice
Following a smash hit local equity issue, Colombia’s Ecopetrol will not be tapping the international equity or debt markets for at least another eight months. It may wait even longer, Julio Torres, Colombia’s head of public credit and an Ecopetrol board member, tells LatinFinance. The national oil company sold over 10% of its stock to raise more than $3.3bn in the first scheduled round of equity offerings. It was originally expected to follow on with a second local deal and then an international sale to foreigners. But the first offering was so well bid that the company achieved its financing target in the first round, precluding the need for further raises. Now that it has raised the cash, the next logical step will be to issue debt. But such an offering would also be several months away, says Torres. Others familiar with the issuer say that its accounts are months – if not years – away from conforming to international standards. Bancolombia led the local offering and Credit Suisse and JPMorgan were slated to underwrite the international portion. Merrill Lynch and Citi were valuation advisors.
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Ecopetrol Foreign Equity Tranche on Ice (1)
Following a smash hit local equity issue, Colombia’s Ecopetrol will not be tapping the international equity or debt markets for at least another eight months. It may wait even longer, Julio Torres, Colombia’s head of public credit and an Ecopetrol board member, tells LatinFinance. The national oil company sold over 10% of its stock to raise more than $3.3bn in the first scheduled round of equity offerings. It was originally expected to follow on with a second local deal and then an international sale to foreigners. But the first offering was so well bid that the company achieved its financing target in the first round, precluding the need for further raises. Now that it has raised the cash, the next logical step will be to issue debt. But such an offering would also be several months away, says Torres. Others familiar with the issuer say that its accounts are months – if not years – away from conforming to international standards. Bancolombia led the local offering and Credit Suisse and JPMorgan were slated to underwrite the international portion. Merrill Lynch and Citi were valuation advisors.
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Panama Canal Railway Readies Bonds (1)
The Panama Canal Railway Company is planning to issue $100m in 2026 senior secured notes. Proceeds from the financing will be used to prepay IFC debt and shareholder loans, as well as fund capex for the next two years, including an expansion in operating capacity. Morgan Stanley is leading the Baa3 offer.
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Colombia’s EEB Sells $610m Bonds
Colombian utility Empresa de Energia de Bogota has priced a $610m 2014 NC4 senior unsecured bond issue at par to yield 8.75%. The deal came in the middle of an expected $500m-$710m range, and tight to 9% area guidance. The book size was $2.9bn, according to bankers on the transaction. Proceeds will help repay $1.5bn in debt used to acquire Empresa Colombiana de Gas in December. ABN AMRO was sole bookrunner, with BBVA, Calyon and Mizuho as joint lead managers. Fitch rates the bonds BB.
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SanLuis Rassini Bond Talk Emerges (1)
Mexican auto parts maker Sanluis Rassini is out with guidance of 11.5% area on a $275m 2017 senior unsecured bond issue. Proceeds will be used to refinance some $240m in debt. The issue via Morgan Stanley is rated B2 by Moody’s and B minus by Fitch.
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Su Casita Switches to Shorter Peso Debt (1)
Mexican mortgage company Hipotecaria Su Casita says bondholders representing 74.5% of $150m bonds due 2016 have tendered bonds in a cash offer that expires November 6. Bondholders representing $111.7m of Su Casita’s 8.50% senior notes due 2016 had tendered their offers and given consent for changes in the terms by Tuesday’s cutoff. Those participants will get a payment equal to 105.5% of face value, including a 3% of face value consent payment. Proceeds from a certificados bursatiles issue due 2012 will cover the buyback. Merrill Lynch is dealer manager.