Peruvian Holdco Preps Bond

Andino Investment Holding (AIH) is expecting to raise $130m from a sale of senior unsecured notes due 2020, according to Fitch which assigns a BB minus rating. The Peruvian logistics company has mandated Bank of America Merrill lynch, Creditcorp Capital and Goldman Sachs to arrange a series of fixed-income investor meetings, according to people familiar with the process. AIH was scheduled to start Monday in Santiago and visit London Switzerland, Lima, New York, Miami and Los Angeles, finishing Friday. The 144a/RegS senior unsecured issuance may follow, subject to market conditions. Proceeds from the debt issuance will be used to repay $86.5m in existing bank debt and finance $43.5m in capex. AIH raised $43m in the ECM in 2012, and also sold $110m in bonds at its Terminales Portuarios Euroandinos unit, in a sale managed by Goldman Sachs. Fitch notes the issuer’s strong market position, a positive trend in operational results, stable Ebitda margins and high financial leverage, and it expects adequate liquidity post-issuance.