CCR Heard Sounding Investors

Brazilian toll-road operator road operator Companhia de Concessoes Rodoviarias (CCR) has been sounding out the US buyside through Bank of America Merrill Lynch (BAML), say investors. For now, the Brazilian toll-road operator is simply heard to be engaging accounts but with no solid deal talk. However, if it were to issue USD bonds, such a deal would mark the borrower’s debut in the international bonds markets, though it is no stranger to local debenture transactions. In May, its subsidiary Concessionaria do Rodoanel Oeste sold BRL500m in 2014 bonds paying 109.2% of the DI, and BRL550m in 2015 bonds paying 111.0% of the DI. Bradesco and HSBC managed the sale, rated Aa2 on a national scale. In 2009, CCR also priced a follow-on equity offering through Itau BBA, with BTG Pactual and BAML coming in as joint leads.