January 8, 2019 |
Allianz Global Investors (AllianzGI) has led other investors in a 16-year, $333m private placement to refinance debt from a toll road concession in Peru.
Convial, a concessionaire owned by Spain's Sacyr and the local firm Constructora Málaga, sold receivables backed by milestone payments from the government and used the proceeds to pay off bank loans from the road.
"These are not availability payments. They're better," said Jorge Camiña, the director of infrastructure debt at AllianzGI. "This is
Investment management firm leads private placement investors in a 16-year, $332m bond deal