Fitch gives AI Candelaria notes BB+

Fitch Ratings said it gave a BB+ rating to AI Candelaria's proposed new issue of up to $575 million senior secured notes due 2033.

The proceeds will be used to pay for the tender of up to $350 million of the company's outstanding $750 million 7½% senior secured notes due 2028, to partially finance the acquisition of Darby Colpatria Capital's (Darby) 5% stake in Oleoducto de Colombia SA (Ocensa), and to pay fees and expenses related to the offering.

“The collateral of the notes will be 100% of AI Candelaria's equity interest in Ocensa and a debt service reserve account equal to an amount sufficient to cover 1.25x of the next interest and principal payments,” Fitch said in a press release.

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