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International bonds: Instituto Costarricense de Electricidad, 6.95% 10nov2021, USD (USP56226AC09)

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Senior Unsecured

Status
Matured
Amount
500,000,000 USD
Placement
***
Redemption (put/call option)
*** (-)
ACI on
Country of risk
Costa Rica
Current coupon
-
Price
-
Yield / Duration
-
Calculate in two clicks! yield, duration and other parameters
Calculate in two clicks! yield, duration and other parameters
Calculator What is a calculator?
  • Placement amount
    500,000,000 USD
  • Outstanding amount
    500,000,000 USD
  • Minimum Settlement Amount
    200,000 USD
  • ISIN RegS
    USP56226AC09
  • Common Code RegS
    070480875
  • CFI RegS
    DBFUGR
  • FIGI RegS
    BBG0027P17M1
  • SEDOL
    B61YWH3
  • Ticker
    COSICE 6.95 11/10/21 REGS

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Prospectus

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Issue information

Profile
Instituto Costarricense de Electricidad is the Costa Rican government-run electricity and telecommunications services provider.
Volume
  • Placement amount
    500,000,000 USD
  • Outstanding amount
    500,000,000 USD
Face value
  • Minimum Settlement Amount
    200,000 USD
  • Outstanding face value
    *** USD
  • Increment
    *** USD
  • Face value
    1,000 USD
Listing
  • Listing
    ***

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count convention
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

Calculations for international bonds are made according to the minimum trading lot
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Early redemption terms

***

Auctions and additional placements

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    *** - ***
  • Initial issue amount
    *** USD
  • Initial issue price (yield)
    (***%)
  • Bids
    *** USD
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • The purpose of placing
    We expect the proceeds from the sale of the notes, which are US$2488 million, to prepay the outstanding indebtedness under the Bridge Facility in the amount of US$2100 million, for capital expenditures and for other general corporate purposes Affiliates of Citigroup Global Markets Inc and Deutsche Bank Securities Inc are lenders under the Bridge Facility As a result, affiliates of Citigroup Global Markets Inc and Deutsche Bank Securities Inc will receive a portion of the net proceeds of this offering See “Plan of Distribution” From 1983 to 2006, Costa Rica maintained a crawling peg exchange regime with the US dollar On October 17, 2006, the government adopted a currency band system, with fixed upper and lower limits within which the colon is allowed to float freely against the US dollar If the US dollar fluctuates above or below the limits of the currency band, the Central Bank intervenes and purchases or sells to stabilize the currency As of October 28, 2011, the currency band for the Costa Rican colon had a fixed lower limit of 500 colones to the US dollar, and a crawling upper limit of 660 (measured at a daily increase of 02 cents of colones on the US dollar) The Central Bank intervenes in the exchange market by buying or selling at a set rate The colon has remained stable at a value near the lower limit of the currency band as shown in the tables below Since 1992, there have been no controls on foreign exchange convertibility or remittance in Costa Rica See “Republic of Costa Rica—External Sector of the Economy—Exchange Controls and Foreign Exchange Rates” We are required by law to make all purchases or sales of foreign currencies through the Central Bank The following table sets forth, for the periods indicated, the high, low, average and end of period rate for the sale of dollars for colones as reported by the Central Bank The rates shown below are stated in colones that have not been restated in constant currency units No representation is made that th
Participants
  • Bookrunner
    ***, ***
  • Paying agent
    ***
  • Trustee
    ***

Conversion and exchange

  • Conversion terms
    ***

Covenants

  • Change of Control

    ***

  • Collective Action Clause

    ***

  • Covenant Suspension/Fall-Away

    ***

  • Cross Default

    ***

  • Designation of Restricted and Unrestricted Subsidiaries

    ***

  • Events of Default

    ***

  • Financial Covenants

    ***

  • Limitation on Business Activities

    ***

  • Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

    ***

  • Limitation on Indebtedness

    ***

  • Limitation on Investments

    ***

  • Limitation on Liens

    ***

  • Limitation on Restricted Payments

    ***

  • Limitation on Sale of Assets

    ***

  • Limitation on Sale/Leaseback

    ***

  • Limitation on Subsidiary Debt

    ***

  • Limitation on layering (anti-layering)

    ***

  • Limitations on transactions with affiliates

    ***

  • Merger Restrictions

    ***

  • Others

    ***

  • Rating Trigger

    ***

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Additional information

Latest issues

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News

22/03/2024 Fitch Ratings affirms Instituto Costarricense de Electricidad at "BB" (LT Int. Scale (foreign curr.) credit rating); outlook stable
22/03/2024 Fitch Ratings affirms Instituto Costarricense de Electricidad at "BB" (LT Int. Scale (local curr.) credit rating); outlook stable
21/03/2024 Fitch Affirms Instituto Costarricense de Electricidad at 'BB'; Outlook Stable (Rating action commentary)
05/03/2024 Fitch Ratings upgrades LT Int. Scale (foreign curr.) credit rating of Instituto Costarricense de Electricidad to "BB" from "BB-"; outlook stable
05/03/2024 Fitch Ratings upgrades LT Int. Scale (local curr.) credit rating of Instituto Costarricense de Electricidad to "BB" from "BB-"; outlook stable
All organization news

IFRS/US GAAP reports

2023
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2022
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2021
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2019
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2018
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2017
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Identifiers

  • ISIN RegS
    ***
  • ISIN 144A
    ***
  • CUSIP RegS
    ***
  • CUSIP 144A
    ***
  • Common Code RegS
    070480875
  • Common Code 144A
    070480867
  • CFI RegS
    DBFUGR
  • CFI 144A
    DBFUGR
  • FIGI RegS
    BBG0027P17M1
  • FIGI 144A
    BBG0022MVYM1
  • WKN RegS
    A1GW35
  • WKN 144A
    A1GW4Y
  • SEDOL
    B61YWH3
  • Ticker
    COSICE 6.95 11/10/21 REGS
  • Type of security by CBR
    ***
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Bond classification

  • Senior Unsecured
  • Registered
  • Documentary bonds
  • Coupon bonds
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Sukuk
  • Trace-eligible
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Restructuring

***

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