Isagen Seeks to Issue Bonds

Colombian electricity generation company Isagen is seeking to raise up to $600m by issuing bonds locally and externally to help finance a $1.4bn hydroelectric project, says CFO Rodrigo Toro. He expects this will happen in April or May. “Despite the circumstances in the global economy, we are confident that we will be able to raise these funds,” Toro tells LatinFinance. He adds that Isagen already has $200m in cash to begin developing the Sogamoso hydro project, which is expected to produce some 820MW. Toro says that the company, which is advised by Santander, is also in conversations with multilaterals as well as local and foreign commercial banks to raise funds. Isagen has been considering financing options for the project since last June. Fitch has a BB+ rating on the company.