CCR Launches Domestic Bonds

Brazilian toll road operator CCR has launched the sale process for BRL500m in domestic bonds to help fund the construction of the BRL2.5bn portion of the Sao Paulo ring road. The offer will be divided into a 2012 tranche paying up to 121% of DI, and a 2014 paying ICPA plus up to 8.95%. The exact amounts and price will be decided during bookbuilding via. UBS Pactual and Banco do Brasil. The transaction is part of some $500m-$900m in long-term financing CCR will seek this year to replace short term debt raised to kick start some of the large infrastructure concessions it is managing, which will likely include an IDB A/B loan.