In a significant financial move, Promigas, a leading natural gas company in Colombia, along with its two subsidiaries, successfully completed a second issuance of 10-year social bonds. This latest round raised COP133 billion (approximately $32.2 million), demonstrating strong investor confidence in the company's initiatives. The bonds were issued at a floating interest rate tied to the IBR interbank lending rate plus an additional 3.75%. Promigas, headquartered in Barranquilla, collaborated with its subsidiaries Gases del Oriente and Surtigas to execute this transaction.
The capital raised will be channeled into Promigas's Brilla program, aimed at assisting customers in financing essential goods and services. Gases del Oriente contributed COP65 billion, while Surtigas added COP60.1 billion to the total sum. Promigas itself issued COP8 billion worth of notes as part of this offering. The International Finance Corporation, a division of the World Bank Group, facilitated the arrangement. Previously, in December, the trio had already secured COP358 billion from the initial tranche of what was planned to be a COP540 billion deal.
This successful fundraising underscores the growing importance of sustainable finance in Latin America. By leveraging social bonds, Promigas not only strengthens its financial position but also promotes inclusive economic growth. Such initiatives pave the way for more companies to explore innovative funding methods that benefit both the business and the community, fostering a brighter future for all stakeholders involved.
