New Issue: Portugal's Brisa prices €300 million 3 7/8% seven-year secured notes

By Paul A. Harris

Portland, Ore., March 20 - Brisa Concessao Rodoviaria, SA priced a €300 million issue of 3 7/8% seven-year senior secured notes (Ba2//BBB) on Thursday, according to a market source.

The quick-to-market deal came with guidance in the low 4% context.

Barclays, Caixa-Banco de Investimento, Deutsche Bank, Espirito Santo Investment Bank, Millennium and Santander GBM were the joint lead managers.

The Portuguese freeway concessionaire plans to use the proceeds to refinance medium-term debt and increase its financial flexibility.

Issuer:	Brisa Concessao Rodoviaria, SA
Amount:	€300 million
Maturity:	April 1, 2021
Securities:	Senior secured notes
Joint lead managers:	Barclays, Caixa-Banco de Investimento, Deutsche Bank, Espirito Santo Investment Bank, Millennium, Santander GBM
Coupon:	3 7/8%
Trade date:	March 20
Settlement date:	April 1
Ratings:	Moody's: Ba2
	Fitch:	BBB
Distribution:	Regulation S
Initial guidance:	Low 4% area
Marketing:	Quick-to-market

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