Chile’s Ventanas Doing 15-Year Project Finance

Empresa Electrica Ventanas, a utility sponsored by AES Gener in Chile, is raising $440m through a 15-year project finance loan, according to bankers. Proceeds will refinance debt and fund the construction of a new coal-fired generation plant. The transaction is heard to be oversubscribed already, according to bankers away from the deal. It is expected to pay more than 100bp over Libor, say bankers. Calyon and Fortis are the leads.