Published on 3/20/2014 in the Prospect News High Yield Daily.
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
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Amount: | €300 million
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Maturity: | April 1, 2021
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Securities: | Senior secured notes
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Joint lead managers: | Barclays, Caixa-Banco de Investimento, Deutsche Bank, Espirito Santo Investment Bank, Millennium, Santander GBM
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Coupon: | 3 7/8%
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Trade date: | March 20
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Settlement date: | April 1
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Ratings: | Moody's: Ba2
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| Fitch: | BBB
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Distribution: | Regulation S
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Initial guidance: | Low 4% area
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Marketing: | Quick-to-market
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