On Tuesday, ENAP completed a bond placement for US $ 680 million in the international market in New York. The placement rate was 5.261% with a spread of 215 basis points over the base reference rate (10-year Treasury Bonds), while the cover rate was 5.25%.
The term of this issue is for 11 years, which reflects the market confidence in ENAP. Bank of America Merrill Lynch, Citigroup and Scotiabank acted as placement agents.
According to the information provided by the state, the funds obtained in this placement will allow extending the average life of its debt, aiming at the financial strengthening of the company.
Andrés Roccatagliata, general manager of ENAP, was satisfied with the success of the placement, while highlighting the interest of investors. "The result of this operation reflects the confidence of the international market in ENAP, in its new Corporate Governance, as well as the support of investors to the company's optimization plan, which aims to reduce costs, increase productivity and an efficient cash management and investments, objectives that we are driving with force as administration and Board ".
In addition to explaining that the US $ 680 million obtained from the placement will be entirely used to refinance liabilities that mature in the short term, Roccatagliata added that "we are committed to improving and being more efficient, operationally and financially, and to concretely specify our Business Plan, with a focus on sustainability and the future of the company. "