Vinci Brings Infrastructure Credit FIDC

Vinci Partners has created a BRL2bn FIDC to lend to companies in the infrastructure sector, according to regulatory documents. In the 10-year deal, holders in the BRL1.5bn senior tranche will be paid interest at the ICPA inflation rate plus 8.0%, while holders of a BRL350m mezzanine piece will receive the ICPA rate, plus split returns with the administrator, who holds a BRL150m subordinated piece. Vinci, a Sao Paulo-based fund manager set up by former managers of Pactual Capital Partners, plans to lend to infrastructure-focused companies and specific projects in Brazil during the first 4 years of the fund. It has the ability to offer debentures, promissory notes, export credit notes and other products commonly offered by banks in the Brazilian bank and DCM markets. An official close to the deal claims that although this is not the first time this type of debt fund FIDC structure has been done, it is the first with the aim of funding infrastructure. Vinci and Caixa Economica Federal managed the deal. The senior piece is rated AA minus, and the mezzanine BB, both on a national scale.