Ecorodovias Starts BRL Roadshow

Toll-road operator Ecorodovias has begun its road show, which will last until Friday, to promote its bond issue, with which it plans to raise BRL600m in three tranches. One of the tranches will mature in 2013 and the other 2 in 2015, according to a prospectus. The 2013 will pay a maximum spread of 2.0% over DI. The second and third tranches’ will be pegged to NTN-B inflation-linked national treasury notes and have a maximum spread of 250bp. Proceeds from the issuance will be used to pay down BRL406.7m in promissory notes and to capitalize Ecopistas, the company unit that manages and operates the Ayrton Senna-Carvalho Pinto highway system. Ecorodovias, one of the largest highway managers and operators in Brazil, is a unit of Italy’s Impregilo. Itau is managing the sale.