Colinas Prices Debentures

Brazil’s Rodovias das Colinas has priced a three-tranche BRL950m ($475m) domestic bond sale, increasing the size from an originally planned BRL850m, according to a prospectus. A BRL573m 2020 bullet tranche pays the DI plus 1.5%, inside the 3% spread ceiling set by the issuer. A BRL123m 2020 inflation-linked tranche pays 5%, inside a 7.5% limit, and amortizes in seven annual parts beginning 2014. A third, BRL255m 2023 inflation-linked tranche pays 5.7%, inside an 8% limit, and amortizes in three annual portions from 2021. 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, rated AA/AA on a national scale.