The company, which belongs to the Codere Group, will issue Negotiable Bonds in two tranches during the next week.
The company HRU, concessionaire of the Maroñas National Hippodrome and the Las Piedras Hippodrome, will issue tickets next week Negotiable Obligations (ON) for a total amount of 10 million dollars in Indexed Units (UI), at a rate of 4.25%.
The corporate placement was authorized by the Central Bank of Uruguay (BCU) within the framework of Series 3 of the Issuance Program that was approved for HRU for the restructuring of the company’s debt and the financing of investments, belonging to the Codere Group.
The minimum subscription amount for investor account will be 10,000 IU and the maximum in the retail segment will be 500,000 UI, with the wholesale phase opening on Monday 26 and the retail phase starting on Tuesday 27. The issue will take place on Thursday 29, with a term of six years and an annual interest rate of 4.25% in UI, while the capital will be amortized in 24 installments equal, quarterly and consecutive,
The ONs will be guaranteed with a Guarantee Trust and the placement will be carried out through the Electronic Stock Exchange SA (Bevsa), with the Itau Bank as paying agent and registering entity, Nobilis as a structuring agent and legal advisor of Hughes & Hughes.
Restructuring of debt and investments
HRU had issued $30 million in two issues (Series 1 in UI and Series 2 in USD), as part of the Issuance Program. The funds will be used primarily by HRU for the debt restructuring, with the cancellation of short-term bank liabilities, for working capital; and for the investment financing In current rooms, the renewal of the machinery park and renovations and extensions.
“It is an excellent investment opportunity with stable income in the medium term, participating in the financing of HRU, which has turned to the capital market as a source of financing since 2007,” he said. Maria Jose Zerbino, Head of Capital Markets at Nobilis.
Along the same lines, Zerbino valued the mechanism and stated that “any company, regardless of its size, can obtain financing through this mechanism and it is important that more companies evaluate it as a genuine option for financing”.
Source: Ambito
