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Monday, November 8, 2010

AES Dominicana US$284M bond is highest private offer ever

The energy group AES Dominicana on Monday offered US$284 million in bonds in the global financial market, the biggest issue ever by a Dominican Republic company.

AES Dominicana said the issue shows the confidence of the financial community and the foreign investors in the country’s electrical sector. The executives were visiting potential investors in Europe, the United States and other countries where the offer was positively received.

Of the total, US$167.5 million are from AES Dominicana branches Andres, LTD and US$116.4 million from Itabo Dominicana, LTD, with maturity of 10 years, which seek to reduce the company’s financial costs.

"This issue shows how the AES Dominicana investors perceive the unquestionable success in the company’s administrative and operative management, which as a whole contributes around 40% of all the energy supplied to the National Interconnected Electrical System (Seni) and which additionally develops the Natural Gas market prompting a favorable change the country’s energetic matrix towards more competitive and environment-friendly fuels," the company said in a emailed statement.

The group AES Dominicana began its operations in Dominican Republic in 1997, becoming the top investor in the power sector and the core of the Dominican power sector.

Its group includes Dominican Power Partners (DPP), AES Andres and ITABO S.A., with a 50% stake, in a strategic alliance with the State, in adherence to the Public Company Reform Law of June 24, 1997.

Source: Dominican Today

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