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
The placement was made on the Costa Rica Stock Exchange and included participation of 13 brokers, which bid a total of $ 87 million.
They will be similar to the Eurobonds issued by the Central Government, with the difference that they are not sovereign instruments with state support.
The agreement will foster solar and solid waste energy generation.
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%.
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.
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