ENAP Meets Investors After S&P Downgrade

Chile’s ENAP is set to begin meeting investors today through Wednesday on a “non-deal” basis. The state-owned gas provider plans to visit London, Boston and New York, in meetings arraigned by BofA Merrill Lynch, BBVA, BNP and Scotia. A company official says ENAP is evaluating its financing options, which include bonds and a syndicated loan, as the company looks to refinance $600m maturing in the next 5 months. S&P Friday lowered ENAP to BBB minus from BBB. The agency sees a “very high” probability that it will require intervention by the state, due to a cashflow generation that may be too weak to meet refinancing needs.