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Chile’s Empresa Electrica Cochrane waits on planned $725 million of 16-year notes
By Rebecca Melvin
New York, Oct. 19 – Empresa Electrica Cochrane SpA didn’t price its proposed $725 million of 16-year notes (Ba1) on Thursday as planned after going out with price talk for a yield at mid- to high-6%, according to a market source.
“I heard the issuer pulled the deal,” the source said.
The notes were to be issued via special purpose vehicle Empresa Electrica Cochrane II SpA.
The markets turned bumpy on Thursday as U.S. stocks sold off and Treasuries gained. The electric utility in Chile held off on pricing, despite pricing that proceeded for three other corporates and a sovereign in the region.
Those Latin America deals included JBS SA’s $500 million of 7%, seven-year notes, Controladora Mabe SA de CV’s $370 million of 5.6% 10-year notes, Al Candelaria’s $650 million of 7½% 10-year notes and Panama’s $500 million tap of its 2050 notes.
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