Colbun Sights 2020 Guidance

Price guidance for a new bond from Chile’s Colbun has been set at UST plus 262.5bp-area. The BBB/BBB minus power generator was set to finish its road show Wednesday pitching the $400m 2020, with pricing expected today. About $250m of proceeds are expected to be used for cancelling outstanding debt and $150m to finance expansion, according to S&P. Citi and JPMorgan are managing the sale. A sale would be the first cross-border bond from Colbun, according to Dealogic data, though it sold $81m in 2018 dollar notes on the local market in 2008. That same year, it raised a $400m 5-year syndicated loan led by ABN, BBVA, Citi, Itau and Santander, with JPMorgan among the participants.