Transmilenio Unveils Local Bond Terms

Colombia’s public transportation management company Transmilenio plans to issue COP131bn ($70m) equivalent in UVR-denominated bonds maturing in 2016 today. The notes are rated AAA. Proceeds will be used to finance the development of the third phase of Transmilenio’s public transportation system, expected to take around 25 months to complete. Citivalores is acting as lead manager with Alianza Valores as placement agent. According to Citi, the deal is the fifth tranche of a $800m equivalent program, of which $550m has been issued.