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Garabito – ECA-backed financing
26 March 2010
Bespoke structure for Costa Rican power
What sets this deal apart is that the banks and ECA created a bespoke financing for Costa Rica’s state-owned power and telecommunications provider, Instituto Costarricense de Electricidad (ICE), allowing the company to combine local bond placements with the long-term fixed rate commercial interest reference rate (CIRR) funding loan supported by Euler Hermes. The structure of the deal via special purpose trust with an operating lease, allowed ICE to obtain off-balance sheet financing and prompt execution for this priority project....
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