Road Operator Delays BRL Bond Pricing

Road Operator Delays BRL Bond Pricing

Brazil Bonds Structured Finance

Concessionaria Rodovias do Tiete has pushed back the pricing of its BRL650m ($320m) debenture sale until at least next week, according to investors following the process. The toll road operator’s inflation-linked 2024 bond is secured by the pledge of Tiete’s equity, future receivables of its toll revenues and indemnification rights over concession assets. It is looking to pay a fixed rate of up to 8.75%. The bond has been touted as the first to take advantage of a program offering tax incentives

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