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April 2011 Power News

11 April 2011

Peru’s Inkia prices refinancing and hydro equity bonds Peru-based Inkia Energy has priced a $300 million 144A senior bond issue. The bonds, led by Bank of America Merrill Lynch and Credit Suisse, will have an 8.375% coupon, were priced at 99.169 of par, and yield 8.5%. Fitch rates the issue BB- and Moody’s rates it B1. Inkia, a subsidiary of Israel Corporation, will use part of the proceeds of the 10-year bonds to repay $87.7 million in outstanding Peruvian Nuevo Soles-denom­inated senior bonds, which are due in 2015 and carry an interest rate of 9.25%. The remainder will finance a roughly $150 million equity contribution to the 402MW Cerro del Aguila run-of-the-river hydro electric plant in Peru and fund working capital and future expansion. The roughly $750 million Cerro del Aguila plant will be financed through project-level non-recourse debt. Located in the department of Huancavelica, the facility is expected to commence oper­a­tions in...

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