Grupo Energía de Bogotá disburses an international syndicated loan for the acquisition of TGI
12 September 2014
- Grupo Energía de Bogotá disburses an international syndicated loan for the acquisition of TGI
- Grupo Energía de Bogotá, through its special vehicle purpose IELAH disbursed an international syndicated loan to consolidate the acquisition of 31.92% capital stake in TGI, as announced last July.
Bogotá September 12th 2014. EEB, head of Grupo Energía de Bogotá, continues with the successful financing process for the acquisition of 31.92% stake of Transportadora de Gas Internacional S.A. ESP (TGI). On September 11th 2014 EEB, through its special purpose vehicle IELAH, received the funds from a long-term syndicated loan entered into with international banks led by BBVA, Itaú and Scotiabank, amounting to USD 645 million.
These proceeds were used to repay short-term intercompany loans granted to IELAH by EEB and certain subsidiaries to finance the acquisition of 31.92% of capital stake in TGI announced last July 2nd, 2014. The conditions of the new loan signed by IELAH include a tenor of five years, single payment at maturity and an interest rate of Libor + 2.25%. These conditions generate and materialize the expected value of the transaction.
Sandra Stella Fonseca Arenas, EEB’s CEO expressed satisfaction and stated that “the intercompany loan refinancing was successfully held in long term favorable conditions, evidencing the financial strength of Grupo Energía de Bogota and its broad access to efficient funding sources. We are successfully fulfilling the formulated acquisition strategy, allowing us to optimize the financial structure of TGI and increasing the value of EEB. Thanks to our shareholders and investors for their confidence”, Mrs. Fonseca emphasized.
About Grupo Energía de Bogotá
Grupo Energía de Bogotá (GEB) is the leading corporation in the Colombian power sector. Through EEB, GEB transports electricity to the most significant markets in terms of demand and size in the country, in addition to controlling the largest natural gas transportation company in Colombia, TGI S.A. In Peru, its subsidiary CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Region, while CALIDDA is in charge of natural gas distribution in Lima and Callao. In that same country, together with ISA, GEB holds a stake in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, GEB established TRECSA - Transportadora de Energía Centroamericana S.A.- currently building the most important infrastructure Project in Guatemala that will render electricity transmission services as of 2015. Furthermore, GEB holds an investment portfolio in the most important companies in the electricity and natural gas sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., Empresa de Energía de Cundinamarca - EEC and Electrificadora del Meta, EMSA and to a lesser extent ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its subsidiaries EEB Ingeniería y Servicios. In 2014, Empresa de Movilidad de Bogotá SAS E.S.P., was constituted as subsidiary related to the development of electrical mobility projects.
Nicolás G. Mancini-Suarez
Financing and Investor Relations Manager
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