Today, Empresas Copec has sold two series of bonds in the local market, for a total amount of UF 5.5 million, equivalent to approximately USD 207 million.

The deal included UF 1.5 million in series Y, with a 10-year bullet structure, and UF 4.0 million in series Z, with a 21-year term structure and a 10-year grace period. Placement rates were UF+3.20% for the Y series and UF+3.50% for the Z series, representing spreads of approximately 120 and 135 basis points over base rates, respectively. Spread levels are among the lowest seen in the local market recently, in a low issuance context, particularly in long maturities.

Demand for the instruments came from a diversified investor base, including AFPs, mutual funds and insurance companies, among others. The bonds are rated “AA” by Fitch Ratings and Feller-Rate.

Proceeds will be used entirely to refinance liabilities of Empresas Copec and its subsidiaries. Credicorp Capital was the placement agent.

This deal ratifies the confidence of the financial markets in Empresas Copec, its financial and competitive position, and the sustainability of its business model.