EcoRodovias Defines Debentures

Ecorodovias has started marketing a BRL800m ($392m) domestic bond sale, it says, expecting to finalize pricing by mid-October. The road operator plans a 2018 tranche paying the DI plus up to 1.25% and amortizing in equal parts in each of the final three years. An inflation-linked 2019 pays up to 6.50% and amortizes in equal parts in each of the final two years. An inflation-linked 2022 pays up to 6.85% and amortizes in equal parts in each of the final three years. The sale could be upsized by as much as BRL280m, with final terms set during the bookbuilding period that should begin by the end of the month. Proceeds will refinance existing debt and fund working capital. Itau, BTG Pactual and Bradesco are managing the sale, rated AA+ on a national scale.