PERU LNG 2021 Annual Report
ANNUAL REPORT
PERU LNG 2021
CHAPTER 4
OUR ORGANIZATION
CAPITAL CONTRIBUTIONS,
FINANCING AND WORKING
CAPITAL
Capital contributions
During the construction stage the promoters contributed USD 1 571
435 077. This represents, proportionally, all the capital necessary to
cover the project's construction costs. Loans and local bond issues
were also used to finance the project
Financing
To finance the project, on the 26th of June 2008 PERU LNG entered
into a common terms agreement with lenders for a total sum of USD
2 050 000 000. Those taking part in financing the project were: IADB
(USD 800 000 000), US EXIM (USD 400 000 000), IFC (USD 300 000
000), K EXIM (USD 300 000 000) and SACE (USD 250 000 000). This
debt is being repaid at a rate of approximately USD 100 000 000 000
a year, from 2011 to 2024. As at the 31st December 2017, PERU LNG
had repaid USD1 000 000 000.
PERU LNG also obtained some financing from the Peruvian securities
market through the first PERU LNG corporate bond program valued
at USD 200 000 000, which was approved by Ruling Nº 064-2009-
EF/94.06.3. The program consisted of four simultaneous issues by the
Companies and Securities Supervisory Commission (now the Stock
Exchange Regulatory Authority, SMV).
PERU LNG FIRST CORPORATE BOND PROGRAM
Term (years)
First¹
issue
Second²
Third
issue
issue
Fourth
issue
Value of the issue (thousands of USD)
10 000
40 000
160 000
160 000
Demand (thousands of USD)
Amount placed (thousands of USD)
32 068
53 722
341 799
33 080
10 000
30 000
135 325
24 675
2.5
5.0
15.0
15.0
2.0
2.5
5.0
5.0
Semestral Semestral
Semestral
Semestral
USD
USD
3.44%
4.66%
USD
Libor (6M) +
3.65625 %
USD
7.16%
1.39%
1.22%
2.27%
2.27%
Period of grace
Coupon
Currency
Interest rate
Spread³
(1) The first issue was paid in full in May 2012.
(2) The second issue was paid in full in November 2014.
(3) Spread vs. Peruvian global bonds.
Source: own figures.
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