CCR Road Readies Infra Debenture Return

Brazil’s AutoBan is planning to raise about BRL450m ($198m) through the sale of infrastructure debentures, or domestic bonds qualifying for special tax treatment, according to people familiar with the process. A deal would be the issuer’s second infrastructure debenture sale, and make it the first borrower in the new asset class to come back to the market for a second helping. The unit of Companhia de Concessoes Rodoviarias (CCR) raised BRL1.1bn in October last year, with a BRL135m 2017 tranche becoming the first infrastructure debentures to be sold in a widely-marketed deal. The plan this time around would be for the entire sale to be infrastructure debentures, with the issuer targeting NTN-B plus about 50bp. Itau is heard having been hired to manage. The timing and other details remain to be set. A transaction is expected before the end of the year. Officials at CCR did not respond to a request for comment. Elsewhere in the market, Cosan’s Raizen is expected to price BRL1bn in infrastructure debentures as soon as September. Telecom Oi and Cosan-controlled gas distributor Comgas are expected to each resume an infrastructure debenture transaction that was put off last month, and price by the end of the year.