CART Hits the Road

Toll road operator Concessionaria Auto Raposo Tavares (CART) has started investor meetings for a planned BRL750m ($371m) domestic bond, according to regulatory documents. A portion of the issuance is targeting the newly created infrastructure debenture market. The borrower plans an inflation-linked 12-year bond that can be divided in up to two tranches and pay up to 8.0%. The exact definition will be determined during bookbuilding, scheduled to conclude by December 12. The debentures amortize beginning 2015. Proceeds would fund investment projects and replace BRL400m in debt due at the end of the year. Banco do Brasil, Banco Votorantim, Bradesco and HSBC are managing the sale, rated A+ on a national scale.