ICE Looks to Retap 2021s

Costa Rica’s Instituto Costarricense de Electricidad (ICE) plans to reopen its 6.95% 2021 bonds, as soon as today. The 100% state-owned integrated electricity provider and telecommunications operator is looking to add up to $250m through the retap. Proceeds from the proposed reopening will be used to fund Grupo ICE’s capital investment plan, says Fitch, which assigns a BB+ rating. Citi and Deutsche Bank are managing the retap, as they did the original sale in November. The Baa3/BB+ bond priced to yield 6.95%, and was the issuer’s first cross-border deal since 2004.