Essbio Places $174 Million Bonds

Chilean utility company Sanitaria Essbio placed $174.3 million worth of local inflation-adjusted bonds in the market Wednesday, opting against issuing a 10-year bond as well. The bond, which carries a maximum maturity of 23 years, has an internal rate of return of 3.68%. The money raised will be used to refinance short-term bank debt and complete investment financing over the next few years. BBVA and Santander Investment arranged the issue. Sanitaria Essbio, controlled by investment fund Southern Cross, is Chile’s second-largest waste water company.