The tender for Debt Fund V was going to take place this week, but administrative delays led to changes in the schedule.
The issuance of Debt Fund Vintended for the financing of Arazatí project for 300 million dollars and managed by the Development Bank of Latin America and the Caribbean (CAF) for the construction of the new water treatment plant in Uruguay, It will be signed next Thursday, after the original date was postponed.
Following the announcement of the CAF approval of the Infrastructure Debt Fund Vit was expected that this would be tendered on Monday the 26th and Tuesday the 27th through the Stock Exchange Montevideo (BVM). Yesterday it would be the turn of the wholesale section, while the subscription to the retail section was scheduled for today.
However, due to a delay in obtaining a notarial record of the trust, the original schedule was modified, according to El Observador sources from the CAF-AM —the bank’s fund management entity.
Based on these changes, then, both sections will be put out to tender on Thursday the 29th: from 10 a.m. to 12 p.m. it will be the turn to subscribe for the wholesale section; while from 10 to 15, the retailer, in which they will only be able to participate AFAP, insurance companies, financial intermediation institutions and institutional investors, for a maximum amount equivalent to 5% of the issue.
The awarding of the certificates, meanwhile, will take place at 4:00 p.m.
A historic broadcast
If government emissions are left aside, the bidding of the CAF for 300 million dollars in Indexed Units (UI) —a total of 2,000 million UI— is the largest debt issue in the Uruguayan capital market so far this year.
Through participation certificates, the objective is to finance infrastructure projects in the country with senior debt over a maximum period of 30 years. The international organization will co-finance at least 10% of the debt investment and the minimum return on the Sovereign Interest Rate It will be 2.25% in UI.
In this way, the tender will finance 85% of the project Arazati, whose total estimated cost is 360 million dollars; The remaining 15% will be contributed by the consortium promoting the private initiative, Waters of Montevideo —made up of companies Saceem, Berkes, Ciemsa and Fast.
The issue was rated BBBfc (uy) by FixScr and BBBf.uy for Moody’s, while the fund was registered in the Central Bank of Uruguay (BCU)will quote in the Electronic Bag Uruguayan Securities (Bevsa) and in the BVM and will have to National Financial Corporation for the Administration of Investment Funds SA (Conafin Afisa) as fiduciary agent and paying agent.
Source: Ambito
