Costa Rica: ICE Sells $ 75 Million in Bonds

The "Instituto Costarricense de Electricidad" (ICE) will use the funds to finance power generation projects.

Wednesday, November 17, 2010


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The placement was made on the Costa Rica Stock Exchange and included participation of 13 brokers, which bid a total of $ 87 million.

The titles are for a 10 year term and will pay a rate of 5.42% to investors.

Mauricio Moreno, chief financial officer of the institution, said that "the outcome of this auction was successful; we are obtaining long-term resources in the local market with excellent conditions which allow us to finance investments in the electricity sector, with an annual fixed net return of 5.42% for investors."

More on this topic

Costa Rica State Telecom Company to Issue $500 Million in Bonds

March 2013

They will be similar to the Eurobonds issued by the Central Government, with the difference that they are not sovereign instruments with state support.

Regarding the timing for making the issuance, Martin Vindas, interim CEO and finance officer for the company, said they are in the preparation period and the plan is to perform the issue in the best way possible so as to get a marketplace advantage.

ICE and Samsung Join Forces on Renewable Energy

September 2009

The agreement will foster solar and solid waste energy generation.

Under the agreement, two projects will be developed, reported the Costa Rican Institute of Electricity (ICE). One will be a solar energy power plant, and the other a facility generating energy from urban solid waste.

Costa Rican ICE’s $40 million Deficit

June 2012

Adapting to a competitive market is being costly for the Instituto Costarricense de Electricidad, which in 2011 accumulated losses of $40 million and a negative return of 2, 1%.

Already in 2011 the Instituto Costarricense de Electricidad (ICE) has had to "seek waivers or amendments with eight of its creditors", according to an article in Elfinancierocr.com, because it failed to maintain the necessary financial indicators to fill the banks with confidence.

Unionism Gaining Power in Costa Rica

September 2015

A state company with high impact on the conditions that determine the economic development of the country, has agreed to intervention on the part of union workers in its institutional management in telecommunications and electricity.

EDITORIAL

How is it possible to reconcile the different and often conflicting interests between managing a state monopoly and a union, without affecting the higher interests of Costa Rican citizens?

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