By Wendy Van Sickle
Columbus, Ohio, Nov. 12 – High-Trend International and its Brazilian joint venture High Trend Brasil announced the closing of R$925 million of long-term financing to fund the completion of the Rio de Janeiro Smart City & Public Lighting Project, according to a news release.
The financing includes 12¼% debentures issued locally by the Brazilian project company, Smart Luz, and the sale of Rule 144A and Regulation S notes (Aa1//AA+) by an offshore issuer.
Goldman Sachs & Co. LLC served as global coordinator, bookrunner and structuring agent of the notes, which were deemed sustainable due to the project’s positive impacts on both environmental and social issues.
The issuance will help finance the largest integrated smart city project in Latin America, which includes the modernization of the more than 450,000 street lights with LED technology, a network that will remotely connect LED luminaires and more than 25,000 additional points, including cameras, wireless sensors and free WiFi access points.
Smart Luz projects a minimum electricity consumption reduction of 65%.
Based in San Juan, Puerto Rico, High-Trend International develops smart city and public lighting infrastructure projects.
| Issuer: | Smart Luz (for local portion)
|
| Guarantor: | United States International Development Finance Corp.
|
| Issue: | Green notes
|
| Amount: | R$925 million
|
| Bookrunner: | Goldman Sachs & Co. LLC
|
|
|
|
|
| Coupon: | 12¼%
|
| Announcement date: | Nov. 12
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AA+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
