AES Set to Wrap up $1bn PF

Angamos, a Chilean power project belonging to AES, is close to wrapping up a $1.06bn 17.5-year syndicated project loan, say people close to the deal. A closing could take place this week, though it could easily extend into the following week as the deal awaits final approvals on tickets. Pricing flexed up in late July following changes in funding costs for banks. No changes to spreads have since been reported, and the transaction is expected to close on the following terms: a $715m Korean Export Insurance Corp (KEIC) backed tranche paying Libor plus 120bp, from an originally launched Libor plus 90bp, and a $270m commercial tranche at 175bp in years 1-3, 190bp in year 4, 200bp in years 5-8, 210bp in years 9-11 and 220bp in years 12-14. The latter piece originally had had step-up pricing of 135bp-190bp over Libor. There is also a $75m 5-year construction loan at Libor plus 175bp. Fees for the KEIC tranche and the $270m commercial tranche are 55bp for $70m tickets and over, according to Dealogic. ABN AMRO and BNP are leading. AES has a pipeline of several LatAm power facilities, including a $580m transaction in El Salvador, also aimed at the bank market with a similar structure including a KEIC tranche; and one in Trinidad. Also in Chile, it is heard seeking funds for its Campiche facility with Calyon and Fortis, which is being bought by lead BNP.