Kallpa Generación is investment grade by Moody’s and Fitch international rating agencies (Baa3 and BBB-, respectively).
The transaction received great interest from the international capital markets. The transaction took place after the culmination of a roadshow with more than 28 meetings, 89 investors and 4 full days. The demand for the papers was six times higher than the offer, showing a significant oversubscription that reached more than US$ 3 billion.
This volume of demand and the final rate obtained reflect the solidity of the company with more than 9 years in the capital market as investment grade. It also demonstrates the confidence of the international market in Kallpa Generación, the prospects of the company to continue its investments with a solid capital structure and the stability perceived by investors in the Peruvian electricity sector in the long term.
Regarding the characteristics of the issue, the company explained that it was an international placement under 144A RegS format with a coupon of 5.875% and a 7-year bullet term. The issue was managed internationally by Deutsche Bank, J.P. Morgan and Santander.