Colbun Taps Local CP Line

Chilean power generation company Colbun has raised CLP10.5bn ($20m) by tapping a $95m commercial paper program. The 6-month deal came at the local benchmark rate TAB minus 4.6bp, which equals 0.744% per month, using the local market nomenclature. Colbun will draw another $20m or so from the same line in July, say executives on the deal. The transaction was led by Itau Chile Corredor de Bolsa, the local broker dealer arm of Brazil’s Banco Itau.