Road Operator Plots Debenture

Rodovia das Colinas is preparing to sell BRL850m ($427m) in Brazil’s domestic bond market, according to a prospectus. A 2020 tranche would pay the DI plus up to 3.0%, a 2020 inflation linked tranche up to 7.5% and a 2023 inflation-linked tranche up to 8.0%. The exact size of each portion is to be determined during the bookbuilding process, in which the deal may be upsized to as much as BRL1.15bn. A roadshow is scheduled to begin March 12, with bookbuilding running from April 9 to April 25.The operator of toll roads in Sao Paulo state is raising funds to repay debt. BTG Pactual, Bradesco, Itau and Santander are managing the sale. The debentures have not yet been rated.