Chicago, Oct. 21 – Instituto Costarricense de Electricidad (ICE) sold a $300 million offering of 6¾% sustainability-linked notes due 2031 (B1//B), according to a press release.
The notes priced at 99.107 to yield 6 7/8%.
Orders were close to $1 billion. The company has not been in the international capital markets in eight years.
Proceeds will be used to repay debt maturing in 2021, most of which is denominated in dollars.
The sustainability feature is linked to the installation of at least 502,000 smart meters in ICE’s concession area by Dec. 31, 2025.
The issuer is a state-owned utility and Costa Rica’s largest power supplier. It is also the country’s leading telephone and broadband service provider.
| Issuer: | Instituto Costarricense de Electricidad (ICE)
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| Issue: | Sustainability-linked notes
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| Amount: | $300 million
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| Maturity: | 2031
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| Green adviser: | IADB
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| Counsel to issuer: | Clifford Chance US LLP
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| Counsel to bookrunners: | Milbank LLP
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| Coupon: | 6¾%
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| Price: | 99.107
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| Yield: | 6 7/8%
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| Trade date: | Sept. 27
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| Ratings: | Moody’s: B1
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| Fitch: B
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