Transelec acquires massive coverage

Transelec has carried out the biggest coverage operation in its history, one to the tune of US$645mil, the Chile-based electricity transmission group controlled by Canadian capital turning to a consortium formed by Deutsche Bank, HSBC and JP Morgan. Transelec's vice-presidente de finanzas, Marcelo de Petris adds that the sum is the largest ever committed in an operation of this kind in Chile and that the idea is to protect shareholders such as Brookfield Asset Management from stock-market volatility. This coverage operation serves to set the exchange rate at the levels of mid-2006, Peso$530 per US$1.

Publication: SABI - Business News
Provider: South American Business Information
Date: September 30, 2008