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Brisa-Concessao launches consent offer for notes due 2023, 2025, 2027
By Devika Patel
Knoxville, Tenn., May 3 – Brisa-Concessao Rodoviaria, SA launched a consent solicitation for three series of publicly issued notes, according to a news release.
The consent solicitation applies to the company’s €300 million 2% notes due March 22, 2023, its €300 million 1.875% notes due April 30, 2025 and its €300 million 2.375% notes due May 10, 2027.
The company proposes to add a make-whole call to each series of notes, which it will then use to redeem the notes as part of a bid to refinance the company’s existing debt structure and transition to a more efficient capital structure.
For the 2023 notes, the make-whole call will be at Treasuries plus 20 basis points for a theoretical redemption price of 101.786. For the 2025 notes, the make-whole call will be at Treasuries plus 35 bps for a theoretical redemption price of 103.091. For the 2027 notes, the make-whole call will be at Treasuries plus 45 bps for a theoretical redemption price of 103.161.
Once approved, the make-whole call may be exercised at any time prior to maturity, with a 10-day minimum notice period.
The make-whole calls apply until Dec. 31, 2022, at which time the make-whole spreads will drop down by 5 bps for the 2023 notes and by 10 bps for the 2025 and 2027 notes.
The consent solicitation also includes a 0.1% early instruction fee for holders who approve the consent by the early voting deadline of May 16. The consent solicitation expires on June 1.
The company’s other bonds, issued by private placement, are being addressed through a separate process, the release stated, and the company plans a new financing package to fund the redemptions.
Brisa-Concessao Rodoviaria is a freeway concessionaire based in Sao Domingos de Rana, Portugal.
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