Chilean water utility Aguas Andinas has placed bonds worth 3.5mn UF (index-linked currency unit, US$117mn) on the local market to finance investments and refinance debt, the company said in a filing to local securities and insurance regulator SVS.
The placement will consist of issuing two lines of bonds for a maximum of 30 years.
The firm also announced its intention to issue two commercial paper lines for up to 20bn pesos (US$31mn) for 10 years.
The funding raised from the second operation will also be used to refinance debt and finance investments, and to provide working capital.
Aguas Andinas is Chile's largest sewerage and potable water utility, servicing over 1.36mn clients in the country's metropolitan region, where it has 100% potable water coverage and 99.9% sewerage coverage.
For the first nine months of 2008, the firm's consolidated net profits fell 0.3% to 74.5bn pesos from 74.7bn pesos in the same period last year.
Revenues rose 7.3% to 210bn pesos, while operating profits came in at 96.5bn pesos compared to 96.2bn pesos in the year-ago period.
Spanish water firm Agbar controls the utility through Chilean water group Inversiones Aguas Metropolitanas (IAM), through which it has a 51.2% stake in Aguas Andinas.
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