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21
La
Refinadora
Costarricense
de
Petróleo
(RECOPE
S.A.)
registered as an issuer in the
National Register of Issuers of
the Superintendencia General
de Valores (SUGEVAL). The latter
authorized the Standardized Bond
emission program that registered
the emission of securities totaling
U.S. $200 million. These will be
placed in the domestic market
and in Central America.
The first two placements were $ 50
million each, meaning that these
securities have beenwell accepted
by the local market, at a very
attractive rate. This is indicative
of the trust that the market places
in RECOPE´s finances and project
developments. Participation was
high in the first auction and the
titles were issued for a 10 year
term at a price of 101.57 with
an average yield of 5.3%, this
represented an improvement for
RECOPE when considering the
instruments proposed yield. In the
second auction (April, 2013), titles
were issued for a term of 15 years,
with an average allocation price of
100.20, a weighted average yield
of 5.83% and a 5.85% cut price.
The proceeds from securities
will be used to develop a set of
strategic investment projects.
Among these we include the
dredging of the Moin Bay, where
a modern oil port terminal will be
installed, and the construction
of major infrastructure projects
such as building a new area
with six horizontal vessels and
the assignment of another four
storage areas to conform the
Liquefied Petroleum Gas Storage
System (SAGAS).
All these projects will result in
lower production costs and will
generate significant savings in the
fuel supply process.