Corporación Multi Inversiones Issues the Largest Green Bond in Central America
Investment Energy Resources Limited (IERL), a subsidiary of the Guatemalan Corporación Multi Inversiones (CMI), has obtained financing worth $1 billion.
Investment Energy Resources Limited (IERL), a subsidiary of the Guatemalan Corporación Multi Inversiones (CMI), has obtained financing worth $1 billion. The owner of the assets of the centennial group’s energy business debuted in the international market with an issue of senior bonds guaranteed for $700 million, with a coupon rate of 6.25% and maturity in 2029. The securities were certified as green bonds and are guaranteed by almost all IERL subsidiaries that own power generation facilities. Alongside this, the company received a senior loan from a bank syndicate led by Banco Latinoamericano de Comercio Exterior for $300 million, also backed by IERL subsidiaries.
The company used the resources gained through this financing to cancel debt contracted to finance new or existing green projects. This green bond investment is the largest ever of its type for Central America and the Caribbean, stated QIL+4 Abogados team.
QIL+4 Abogados, with the participation of our partners Alejandro Cofiño, Andrés Lowenthal, and associates Ignacio Grazioso and Enrique Martinez, acted as local counsel representing Investment Energy Resources Limited (Issuer) and Renace, S.A. (Guarantor).
Medina Garrigó Abogados, BLP – Honduras, Consortium Legal – Costa Rica and QIL + 4 LAWYERS acted as legal advisers to Investment Energy Resources Ltd. Arias acted as legal adviser to CMI Energía. Graham Thompson acted as legal adviser to WCG Energy Ltd. Simpson Thacher & Bartlett, Consortium Legal – Guatemala & Honduras, BLP – Costa Rica acted as legal advisers to Citigroup Global Markets Inc.
This successful transaction has a positive impact for the environment and communities in the region.