Sonda Sets Out to Meet Investors

Chile’s Sonda is scheduled to begin today a roadshow for an equity follow-on, targeting a $300m-equivalent raise in early December. The information technology firm has been approved to sell 100m shares to raise funds for a $700m 2013-2015 LatAm expansion plan. This would indicate a CLP146.5bn ($305m) transaction based on Friday’s CLP1,465 closing price. The exact timing has not been set. BTG Pactual and Goldman Sachs are managing the sale, joined by Celfin on the local side. About $200m of Sonda’s expansion plan is to be organic, and $500m should come through acquisitions. It is targeting growth outside Chile, specifically in Brazil Mexico and Colombia. The company would use equity to fund about 40% of the plan, with 40% coming from cash and the remainder from debt. Sonda has been a consistent acquirer in the region, most recently taking Brazil’s Euclid for $73m in May and Chilean rival Quintec last year for $61m. It has a presence in Chile, Brazil, Argentina, Colombia, Costa Rica, Ecuador, Mexico and Uruguay. The region’s equity pipeline is filling up for the end of the year, notably with Brazilians, with Brazil’s Fundo de Investimento Imobiliario (FII) BTG Pactual Corporate Office Fund set to lead things off, raising BRL2bn as soon as this week. Follow-ons from fellow Brazilians Minerva and Marfrig will come next. Attempting IPOs are water utility Cedae and Vix Logistica.