Colombia's EPM eyes foreign debt issue

By Javier Mozzo

BOGOTA (Reuters) - Colombia's EPM, the country's top public services company, said on Tuesday it is preparing to issue foreign debt for the first time between August and September as part of its international expansion strategy.

Federico Restrepo, EPM's director told the Reuters Latin American Investment that the company was authorized to issue up to $500 million in debt and he saw opportunities to seek out water and energy providers and assets from multinationals operating in Latin America.

"These resources will go in part to our strategy of growing internationally, to have funds available for possible acquisitions," Restrepo said.

EPM or Empresas Publicas de Medellin, is the country's second largest nonfinancial company with consolidated earnings of more than $3 billion a year.

Restrepo said the global financial crisis was creating buying opportunities with assets now at better value.

"The crisis in Colombia has not affected us at the level of the company's performance and in fact it has generated opportunities," he said.

Restrepo did not give details, but said he saw opportunities in energy distribution and generation, water suppliers and expressed interest in markets in Brazil, Central America and Peru.

"Today, investing in existing companies gives much more margin for profitability than a green field project," he said.