According to the IFC, the proposed investment consists of the issuance of an up to 10-year social bond (the “Social Bond”) for up to US$200 million in COP equivalent (eq. to c.COP800,000 million) by Promigas, with two majority-owned subsidiaries, Surtigas S.A. E.S.P. (“Surtigas”) and Gases de Occidente S.A. E.S.P. (“GdO”), as co-issuers (jointly with Promigas, the “Issuers”). The funds raised from the Social Bond will be used to support Brilla, the non-banking financing division of Promigas that provides consumer loans to the Issuers clients. These loans are facilitated through the gas distribution companies, including Surtigas and GdO. The Social Bond will be issued in Colombia’s Segundo Mercado.

According to the IFC, the Project entails the issuance of a social bond by Promigas (the Company) to support Brilla’s consumer credit portfolio targeting Promigas’ clients in Colombia and has been classified as category FI-3 according to the IFC Sustainability Framework

According to the IFC, the Project cost is estimated to be up to US$200 million equivalent in COP (c.COP 800,000 million). IFC intends to subscribe US$100 million in the Social Bond and mobilize other investors that subscribe the remaining US$100 million.

According to the IFC, Promigas S.A. E.S.P. (“Promigas” or the “Company”) is a Colombian integrated gas utility company founded in 1974 with operations in Colombia and Peru in the regulated transportation and distribution segments. Promigas also has presence in the Liquified Natural Gas regasification, power distribution, renewable energy solutions, and non-banking financing businesses. The Company is mainly owned by Corporación Financiera Colombiana S.A. (“Corficolombiana”), part of Grupo Aval, which holds 45.5% of the shares through direct and indirect investments (through CFC Gas Holding S.A.S), and Grupo Energía de Bogotá S.A. E.S.P (“GEB”), the energy holding company of the municipality of Bogotá, with a 15.2% shareholding. The Company is listed on Colombia’s Stock Exchange.

GdO is a utility company dedicated to the distribution and commercialization of natural gas. Its footprint includes 282 towns in the Valle del Cauca and Cauca departments in Colombia. Promigas holds a majority stake of 94.4% in the company, followed by the Empresas Municipales de Cali (Emcali), a public entity of the municipality of Cali, with a 5.5% stake.

Surtigas is a utility company dedicated to the distribution and commercialization of natural gas. Its footprint includes 225 towns in the Bolivar, Sucre, Córdoba, and Antioquia departments in Colombia. Promigas holds a majority stake of 99.9% in the company.

Promigas S.A. E.S.P.
Andrea Hernandez
Financial Resources Coordinator
+57 605 371 3341
andrea.hernandez@promigas.com
Calle 66 No. 67 – 123. Barranquilla, Colombia
https://www.promigas.com/Paginas/default.aspx

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