Brazil’s CCR to raise US$2bn for highway works
A subsidiary of Brazilian infrastructure operator CCR will raise 10.7 billion reais (US$2bn) to invest in improvement and expansion works for a highway connecting São Paulo and Rio de Janeiro.
In October 2021, CCR won the concession auction for the Presidente Dutra highway. It has operated the 350km road since 1996 and the new 30-year contract included nearly 15bn reais worth of investment commitments.
The board at subsidiary Concessionária do Sistema Rodoviário Rio - São Paulo authorized financing of 1.34bn reais from development bank BNDES, and 9.41bn reais to be raised via local bonds known as debentures.
The debentures will be issued in eight series, with the longest maturity being June 15, 2047, according to a company statement.
As the proceeds will be used entirely for highway works, the company will request that land transport regulator ANTT classify the bonds as infrastructure debentures, which offer tax exemptions for investors.
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News in: Infrastructure (Brazil)
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