BNDES has said it will finance up to 40% of Brazil’s next airport concessions, involving an estimated BRL6.61bn ($1.9bn) in total investments.
The Brazilian government issued the tender documents last week for the four airport concessions and scheduled the auctions for March 16, 2017. The government expects to collect some BRL2.9bn in concession fees from the auctions. The winning bidders will make an upfront payment for 25% of the concession fees and pay the rest of the fees over the course of the concession contract.
BNDES will provide loan for up to 15 years at a rate of 150bp over the TJLP long-term lending rate, plus an extra spread based on the credit risk of the borrower. The TJLP stands at 7.5% per year.
The government has outlined BRL2.35bn in investments in the Salvador airport, BRL1.9bn in Porto Alegre, BRL1.4bn in Fortaleza and BRL961m in Florianópolis.
The state-owned airport operator Infaero will not participate in the next round of concessions, which involves the airports in Salvador, Florianópolis, Fortaleza and Porto Alegre, Wellington Moreira Franco, executive secretary of the Investment Partnerships Program, or PPI, told LatinFinance in September. Infraero took part in previous concessions with a 49% equity stake.
The tender documents put the minimum bids at BRL1.44bn for Fortaleza, BRL1.24bn for Salvador, BRL211m for Florianópolis and BRL123m for Porto Alegre. The concessions will last 30 years, except for the 25-year contract for the Salgado Filho Airport in Porto Alegre.