Road Operator Prepares Infrastructure Debenture

Toll road operator Concessionaria Auto Raposo Tavares is planning to raise up to BRL750m ($371m) in Brazil’s local bond market, according to regulatory documents, with a portion targeting the newly created infrastructure debenture market. The borrower plans an inflation-linked 12-year bond that can be divided in up to two tranches and should pay 7.5%-8.0%. It plans to complete pricing by mid-November. Proceeds would fund investment projects and replace BRL400m in debt due at the end of the year. Banco do Brasil, Banco Votorantim, Bradesco and HSBC are managing the sale.