Uruguay state water utility issues bonds to finance investments
Uruguay's state-owned water utility OSE issued a series of bonds as part of an effort to invest US$100mn yearly in water projects through a trust fund. The series was worth around US$32mn, according to newspaper El Observador.
The bonds were issued with an interest rate of 3.95%, which is similar to the rate the government pays for its own bonds, and with duration of 22 years, the OSE highlighted on a press release.
"This is the first time that OSE has used this financial instrument and it will allow the OSE to continue with priority investments in water and sanitation", the company's CEO Milton Machado said
"The diversification of financing sources that this [operation] implies, allowed the company to substantially decrease its borrowing costs, and improve its debt profile in terms of currencies and deadlines, giving more flexibility to the execution of its investment plans", he stated.
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