Content area
Full text
Citi and JP Morgan held investor calls for the borrower on Monday ahead of a proposed $650m-$700m deal that will have an “intermediate” maturity and be secured by a first priority security interest in capital stock of the guarantors, which are CMI’s operating units. CMI had visited investors in October 2018 but did not issue amid a tricky few weeks for Latin American bond markets.
As per the last time CMI tried to issue, the issuing vehicle will be Investment Energy Resources Ltd (IERL), a Bermuda holding company through which CMI owns certain operating companies across Central America and the Caribbean.
For this issue, CMI has transferred further assets to IERL’s ownership. Most notably, IERL now includes the Guatemalan hydroelectric plant Renace, which has 310MW of installed...