Colbun Signs $150m Loan

Chilean power company Colbun has signed a 5 year loan for $150m at Libor plus 150bp, says a person familiar with the transaction. BBVA and Santander led, with Credit Agricole, Rabobank, Societe Generale, Bank of Tokyo and Scotia participating at the MLA level. HSBC and Banco de Chile were arrangers. Fees were 50bp for $30m commitments and 30bp for $15m tickets. The facility is to refinance part of a $400m loan done in 2008 that matures in 2013. Part of the facility has already been paid off, using $250m of a $500m bond due 2020 issued in January. The deal was Colbun’s first dollar bond sale. It came at 98.973 with a 6.000% coupon to yield 6.139%, or UST plus 237.5bp, well inside 262.5bp area guidance. Colbun has a capex pipeline, with a number of power plant projects planned. It will probably look to get project financing for that in the next 2-3 years, according to a banker familiar with the situation.