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Costa Rica's State Oil Company to Issue Bonds

On December 5 the Costa Rican Oil Refinery will auction $50 million in bonds with a term of ten years.

Wednesday, November 28, 2012

Elfinancierocr.com reports that "The details of the instruments were released on November 27. The auction will be held on December 5, the gross interest rate for the instruments is 5.98%, they have a semiannual coupon, the settlement period is two days and the rating has been assigned by Fitch El Salvador and Costa Rica. "

The proceeds of the issue, which in total will add up to $200 million will be used to develop a set of strategic investment projects necessary to ensure the future supply of fuel and reduce operating costs in RECOPE. These projects are:

-The new petroleum dock.

- Eight tanks in plants (El Alto, La Garita and Barranca).

- Four tanks for black oil in Moin (asphalt and bunker).

-An area for Liquefied Petroleum Gas (LPG) YT-7711.

-Six horizontal cylindrical containers for storing LPG.

-Three large tanks one of which is will be the largest in the country, with a capacity to store 350,000 barrels of diesel.