Chilean power company Colbún is preparing to raise up to $600 million in its first sale of green bonds in the international market in almost four years.
The company initiated a series of investor calls on Thursday to pitch 10-year notes, with BBVA, Bank of America, JPMorgan, Santander and SMBC leading the offering as global coordinators and joint bookrunners, according to a source familiar with the deal.
Mizuho and MUFG are additional bookrunners on the Rule 144A/Reg s deal, the person added.
Colbún will use the sale proceeds to refinance existing debt including its 2027 green global bonds and to fund eligible green projects, it said in a presentation to investors.
Fitch and S&P assigned the notes BBB+ and BBB ratings respectively.
The company last tapped the international market in October 2021, when it printed $600 million worth of 10-year green notes in a deal that was roughly four times oversubscribed. It used the proceeds to finance investment in renewable energy.
Last week, Colbún became sole owner of Peruvian power plant operator Fénix Power after buying the 41.4% it didn’t already own.