Transelec Plans New Issue To Refinance Debt

Chilean electricity company Nueva Transelec is planning to issue up to $665 million of local bonds to refinance existing debt due next March as well as refinancing acquisition debt held at the holding company. The debt will be issued as local inflation-adjusted bonds, denominated in UF, in two series: one with 10-year maturity and one maturing in 25 years. Citigroup Chile and Scotiabank Sud Americano Corredores de Bolsa will arrange the issue. The bonds have been assigned an A(chl), outlook stable, national scale rating from Fitch.