📋 Tender Overview
Project Number: 48662
Company Name: PROMIGAS SA ESP
Date SPI Disclosed: May 3, 2024
Country: Colombia
Region: Central America and the Caribbean, Colombia, Mexico
Projected Board Date: Jun 13, 2024
Environmental Category: FI-3
Status: Pending Approval
Department:Regional Industry INF LAC & EUR
Industry: Oil, Gas, and Mining
Sector: Natural Gas Distribution
Project Description
The proposed investment consists of the issuance of an up to 10-year social bond (the Social Bond ) for up to US$200 million in COP equivalent (eq. to c.COP800,000 million) by Promigas, with two majority-owned subsidiaries, Surtigas S.A. E.S.P. ( Surtigas ) and Gases de Occidente S.A. E.S.P. ( GdO ), as co-issuers (jointly with Promigas, the Issuers ). The funds raised from the Social Bond will be used to support Brilla, the non-banking financing division of Promigas that provides consumer loans to the Issuers clients. These loans are facilitated through the gas distribution companies, including Surtigas and GdO. The Social Bond will be issued in Colombia’s Segundo Mercado.
Total Project Cost and amount and nature of IFC's Investment: The Project cost is estimated to be up to US$200 million equivalent in COP (c.COP 800,000 million). IFC intends to subscribe US$100 million in the Social Bond and mobilize other investors that subscribe the remaining US$100 million.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington,
DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
