Rocha Terminais Portuarias e Logistica has closed a BRL172m ($96m) bond in Brazil’s domestic market, according to Anbima. The port operator’s 2019 debenture pays the DI+2.9%. Itau managed the sale, done under the rule 476 restricted format. Rocha operates ports and provides transportation and storage services in southern Brazil.
Yearly Archives: 2011
Posted inDaily Brief
Webjet CEO Resigns
Fabio Godinho has stepped down as CEO of Webjet, according to Gol, which bought the low-fare airline earlier this year. Godinho, who will “take on new challenges,” is replaced by vp of operations Julio Perotti.
Posted inDaily Brief
Banamex Plans Debt CCD
Banamex has filed for a new certificado de capital de desarrollo (CCD) issuance in the Mexican market, but with a twist. Unlike most CCDs, this fund will invest in debt rather than private equity, with the idea of providing the Afores with a broader – and higher-returning – array of debt investments. Afores have had a limited menu of investment options in the Mexican market where, according to the filing, between 2003-2011 just 16 issuers have accounted for over 80% of certificados bursatiles offerings, and almost all of them had a local rating of double A or higher. In contrast the new CCD will invest not only in plain-vanilla debt, but also in subordinated, high-yield, private, mezzanine, and distressed debt, as well as pre-IPO lending and structured finance. Similar to most other CCDs, holders will receive all proceeds until 105% of their investment is returned, and after that, 85% of the proceeds. No size has yet been put on the 7-year deal, though most CCD transactions raise MXP1bn-MXP4bn ($80m-$325m). It will join a relatively long queue of CCD issuers that have been waiting in a pipeline in what has been a slow year for the asset class. With the debate over capital calls finally settled, it is hoped more CCDs will see the light of day. Credit Suisse is managing the transaction, and will also invest 10%.
Posted inDaily Brief
Banco de Bogota Brings Debut
By sticking to a shorter tenor and enticing investors with an attractive pickup to rival Bancolombia, Banco de Bogota was able to draw a decent crowd for its debut bond in a market that is not necessarily enamored with the FIG paper. After turning heads with 5.5% area talk on a $500m 5-year, Banco de Bogota was able to revise guidance lower to 5.25% (+/- 1/8) and upsize to $600m before pricing at 98.894 with a 5.00% coupon to yield 5.25%. Books swelled to around $3.25bn as investors comped the credit (Baa2/BBB minus) against Bancolombia’s 2016s (Baa3/BBB minus), which were trading between 4.25%-4.375%, a spread differential that leads were heard justifying by the maturity extension and the bank’s debut status. The bonds were trading up 0.45-0.75 points in the grey, according to an investor. The transaction raises funds to take out half of a $1.2bn 1-year bridge loan used to expand into Central America through the $1.9bn acquisition of Panama-based BAC-Credomatic in July 2010. Banco de Bogota is also raising a $500m 3-year syndicated loan, which is documentation nd expected to close later this week. Citi, HSBC and JPMorgan managed the sale, and were also leads on the bridge and loan as well.
Posted inDaily Brief
BR Malls Readies Debentures
BR Malls plans to sell BRL300m ($167m) in 5 and 7-year local bonds. It has not given a target interest rate for the two tranches. Proceeds would go to repay existing debt. BTG Pactual, Itau and Citi are managing the sale. BR Malls is rated Aa2/AA minus on a national scale.
Posted inDaily Brief
Entel Signs $200m Loan
Chile’s Empresa Nacional de Telecomunicaciones has signed a $200m, 3-year bullet loan with Bank of Tokyo-Mitsubishi UFJ and Scotia. The loan pays Libor plus 100bp, which is equivalent to 1.65% during the first interest period. The telecom plans to use the money from the club deal to refinance existing liabilities, specifically to prepay the first installment of a $600m syndicated loan.
Posted inDaily Brief
Lazard Names Chile IB Co-Head
MBA Lazard has named Cristian Bulnes as a managing director and co-head of Chile investment banking. Based in Santiago, Bulnes joins investment banking co-head Andres Sommer. He comes from Banco Penta, where he was CEO.
Posted inDaily Brief
Leveraged Hypermarcas Unloads Six Brands
Hypermarcas, which has seen its leverage levels rise of late, has decided to divest 6 different brands along with their respective operating assets for a combined BRL305m ($167.4m). The owner of various Brazilian consumer brands signed an agreement to sell the Etti, Salsaretti and Puropore food product brands to Swiss-based agribusiness and food company Bunge for BRL180m ($98.8m). It will also separately sell household cleaning brands Assolan, Perfex and Cross Hatch to Quimica Amparo, a home cleaning and personal hygiene products company, for BRL125m ($68.6m). Officials at Hypermarcas decline to offer additional details of the transaction or indicate if any advisors were used for the deal. Hypermarcas has seen its operating performance suffer of late as a result of its more restrictive sales terms with wholesalers, according to Moody’s latest credit opinion published November 9. Moody’s data show the company’s Ebitda margin stood at 23.2% in September, down from 24.3% in 2010 and a much higher 25.4% in 2008. The company’s leverage has also grown considerably, due in large part to an aggressive campaign of acquisitions. As of September, Hypermarcas had leverage, as measured by adjusted debt to Ebitda, of 6.4x, up from 5.2x in December 2010, according to Moody’s.
Posted inDaily Brief
Marisa Preps Domestic Funding
Brazilian retailer Marisa plans to raise BRL350m ($194m) in the local bond market. The 5-year bond is expected to pay interest at up to 111.2% of the DI, and amortize equally in years 4 and 5. An investor relations official declines to provide the name of the bank managing the sale, to be done under the rule 476 restricted format.
Posted inDaily Brief
Quinenco to Market Local Bond
Chile’s Quinenco is expected to begin marketing this week an up to UF4.65m ($201m) bond offering in the local market with a view to pricing by month’s end. The holding vehicle for the Luksic family is preparing a 7-year bond of up to UF2.3m in size with a 3.5% coupon and 2-year grace period, and a 21-year bond of up to UF2.3m with a 4% coupon and up 15-year grace period. It will use the proceeds for its investment. Banchile and BBVA are managing.