Autopista Del Bosque Heads To Market

Chilean highway operator Sociedad Concesionaria Autopista del Bosque is to sell up to UF1.5 million ($52.6 million) of two series B notes this Thursday, November 16. The inflation-adjusted bonds will yield a fixed annual interest rate of 3.4%. The bonds mature September 2024 and are redeemable from March 15, 2012. ABM AMRO and Celfin Capital are arranging the transaction. Autopista del Bosque was recently bought by Spanish highway operator Cintra from French road constructor Vinci for $11 million. Cintra owns several others highway operators in Chile and several are planning to take advantage of the current low-yield corporate bond environment to refinance debt by issuing inflation-adjusted bonds in the local market. One of these is Sociedad Concesionaria Autopista del Maipo, which is expected to issue up to UF5 million ($175.3 million) of the paper in the near future.